44-Unit Hayward Apartment Complex Sells for $6.95MM

Hayward, Bay Area, Plaza Verde, 29th Street Capital, San Francisco, Kidder Mathews, Redwood Shores, Oakland, Fremont, Milpitas, San Mateo, Alameda County

Plaza-Verde

Plaza Verde, a 44-unit multifamily complex located at 550 Berry Avenue in Hayward, California has been purchased by 29th Street Capital, a privately held real estate investment firm with offices in San Francisco and Chicago for $6.95 million, or nearly $158,000 per unit, according to public documents. The seller was a private family trust.

The transaction was brokered by Kidder Mathews’ multifamily broker, Matthew Clark, who works out of the firm’s Redwood Shores office. “Plaza Verde apartments represents a unique opportunity to take an older asset and renovate it,” said Clark in a statement. The transaction closed mid December of last year.

[contextly_sidebar id=”lkA1mcQXlVGTGGkVWn1MOuqVQOYL8ssK”]Employment growth continues to drive housing demand across the region and now especially in Hayward and surrounding markets like Oakland, Fremont, Milpitas, San Mateo and Southern Alameda County.

According to a recent report from Marcus & Millichap, the San Leandro/Hayward market saw a transaction volume of approximately $64 million in the last 12 months, during which 348 units were sold at an average price per unit of $183,971. This ranks the submarket at the lower end of the scale of the western part of the East Bay. Another recent transaction in Castro Valley saw a 30-unit Venture Apartments complex at 20433 John Dr. trade for $7.66 million, or $255,333 per unit.

The Hayward submarket has seen more industrial transactions in the recent past, however the market’s proximity to major East-West and North-South thoroughfares make this a desirable geography.

West Coast Commercial Real Estate News