San Leandro, Calif. (November 11, 2020) – Leading commercial real estate professional services and investment management company, Colliers International recently represented Pierron Properties, LLC in the sale of 2199 Bancroft Ave., an 87-unit apartment community located in San Leandro, California, to MC Investment Partners, LLC. 2199 Bancroft Apartments was put on the market for the first time since it was built in 1965 in March 2020 just at the outset of the pandemic, and closed escrow on October 27, 2020 for $22,800,000 ($262,068 per unit).
“The significant interest in 2199 Bancroft Apartments, especially at the outset of the pandemic in early March underscores the demand for well-located apartment properties of scale in desirable East Bay submarkets like San Leandro,” said Colliers Senior Vice President, Rich Martini. “The highly diverse unit mix, underutilized common areas and ability to add value were significant drivers for investors.”
“Demand for apartment buildings with higher than normal levels of vacancy has increased significantly since the implementation of statewide rent control and just cause eviction by virtue of the passage of Assembly Bill 1482,” added Martini. “The buyer was very much in favor of the higher than normal levels of in place vacancy and occupancy when the property closed escrow.”
2199 Bancroft Apartments is a 84,357 square-foot multifamily property with a diverse unit mix of one to four bedroom unit types. Sixty three percent of the total units contain two or more bedrooms. The previous owner completed some renovations on 15 units, allowing the buyer the opportunity to upgrade and add value to the 72 remaining units on the property. The apartments are situated on 1.86 acres of immaculately maintained property including beautifully landscaped grounds, serene private courtyard with meandering walkways, an indoor swimming pool and community recreation room.
Conveniently located in the East Bay, 2199 Bancroft Apartments is within minutes of downtown San Leandro and 1.5 miles away from the nearest BART station, connecting residents with the surrounding Bay Area, retail and employment opportunities.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.