NAI Northern California Arranges Sale of Vines on 80 Apartments.
FAIRFIELD, CA – February 15, 2022 – Berger & Associates of NAI Northern California announces the sale of The Vines on 80, a 63-unit multifamily community at 3950 Business Center Dr. in Fairfield, California. Berger & Associates team of Ethan Berger and Marco McMullen represented the seller in the transaction, valued at $21.5M (Ed. Note: $341,269 per unit; the seller was an entity associated with Concord-based DeNova Homes).
The Vines represented a rare opportunity to purchase a late vintage property with institutional quality amenities in a market with 98% occupancy and 5% rent growth. The property is equidistant from San Francisco and Sacramento along the 80-corridor making it appealing for tenants commuting to either area. Additionally, the location is appealing to “suburban flight” renters, as residents relocate from the major metros to a more affordable market and work remotely.
“The quality and size of the asset resonated well with investors”, said Berger. “However, the major headwind to completing the transaction was existing financing that had to be assumed and did not offer a particularly favorable interest rate or attractive LTV”.
Built in 2017 The Vines on 80 features one-bedroom, two-bedroom and three-bedroom floorplans all with in-unit laundry, central heat and air, patio or deck area and individual garage or covered parking. Community amenities include club house, rental office, fitness center, outdoor lounge are with gas grill, and play structure.
Berger & Associates comprises Senior Vice President Ethan Berger and Investment Advisor Marco McMullen.
Ethan Berger Senior Vice President 510.972.4952
firstname.lastname@example.org CalDRE #01868467
Marco McMullen Investment Advisor 510.847.1004
email@example.com CalDRE #02156109.
About NAI Northern California
NAI Northern California is a full-service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.
NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network, with more than 375 offices worldwide and over 6,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.
Recently on the San Francisco Business Times Book of Lists, NAI Northern California hit the top 5 and 6 spots in San Francisco and the East Bay and top 15 Bay Area wide. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 4 most recognizable commercial real estate brand.