Hayward, CA – Marcus & Milichap along with The Pinza Group have announced the sale of 57 units located at 1282 Mattox Rd in Hayward. The property, known as The Alpine Vista Apartments, sold for $13,751,000, or $241,245 per unit, which equated to above a 6% CAP rate and a sub 13 GRM. Carlos Azucena of Marcus & Milichap represented the Seller, a private Trust, and Steven Pinza, Esq. of The Pinza Group, Inc, represented the Buyer, Valiance Capital.
Built in two phases in 1961 and 1987, Alpine Vista offers a mix of well-designed units comprised of 44 1bd/1bth and 13 2bd/1bth units. It has been extensively renovated over he last five years with approximately 85% of units having been upgraded with new appliances, stylish two-tone paint, granite counters with a breakfast bar, custom cabinetry, dishwasher installation, elegant lighting and plumbing fixtures, premium carpeting and laminate wood or vinyl plank flooring.
The property has also undergone significant exterior and common area improvements including a modern exterior paint scheme, 100% replacement of windows/sliders, a remodeled leasing office, gated garbage/recycle areas, beautiful gazebo area with views, and a picnic area. The property features enclosed garage parking for the residents to securely park their vehicles and also has stunning views of the San Francisco Bay and surrounding area from many of the upper floor units.
A RUBS program, that currently has about 80% penetration, provides a significant increase in NOI by offsetting utility costs. It is primed for the new owner to complete the reposition by renovating the remaining units upon turnover with upgrades that have concretely proven to provide substantial return on investment.
About Marcus & Milichap
Marcus & Millichap is a leading firm specializing in commercial real estate investment sales, financing, research and advisory services, with offices across the United States and Canada. Our services are customized and personalized to meet the diverse needs of private investors, professionals and institutions.
About The Pinza Group, Inc.
The Pinza Group, Inc was recently named as the 2014, 2015, 2016, and 2017 Top Real Estate Sales Brokerage by CoStar, and is the only privately held investment real estate brokerage to receive the prestigious award in 2014, 2015, 2016, and 2017. The Pinza Group is a full service investment real estate sales firm located in Walnut Creek, California. Founded in 2013, The Pinza Group is a leader in investment real estate sales with over 125 apartment sales in the last 24 months. . For more information on off market investments, an estimate of value, or for free real estate advice please visit: www.pinzagroup.com or Info@pinzagroup.com.
About Valiance Capital
Valiance Capital is a privately held real estate investment firm that focuses on the acquisition of opportunistic and value-add multifamily and student housing properties. We specialize in repositioning well located assets with significant value-add potential through the successful execution of a detailed investment strategy and business plan, with a focus on high demand/supply constrained markets in California.
In the world of real estate investing, there is a core of virtue and value for long-term success. Valiance Capital strives to creatively navigate through the volatility and constant shifting of the dynamic real estate market. Our approach is fostered on proven strategies of excellence and innovation to complex solutions, enabling significant enhancement to each of our real estate investments.