Multihousing Sale Valued at $3,400,000
Newark, CA (May 5, 2015) — ARA Newmark, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Cherry St apartments, located in Newark, CA. The property, a 18-unit apartment complex, built in 1963, is conveniently located near Route 84 and I-880, which provides residents access to regional employment centers throughout the Bay Area, making the asset a compelling investment opportunity. A local private investor sold the property to another local private investor for $3,400,000, $188,889 per unit and $266 per square foot.
The ARA Newmark team, led by San Francisco-based Senior Managing Director, Mike Colhoun, served as the exclusive advisors on the transaction. According to ARA’s Mike Colhoun, “One of the most compelling attributes of Cherry St is the evidence of management and rental upside. Given the asset’s quality of construction and favorable unit attributes, there is a value-add potential through turning units to market rents.”
Rents at properties in the immediate competitive set have consistently achieved measurable premiums to units at Cherry St. The much higher rents being achieved in neighboring Fremont, further support this strategy. Cherry St was 100% occupied at the time of sale.
To schedule an interview with an ARA Newmark executive regarding this transaction, contact Mike Colhoun, at mcolhoun@aranewmark.com or 415.273.2177.
About ARA Newmark
ARA Newmark is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA Newmark is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA Newmark’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.
