Multihousing Sale Valued at $5,485,000 in Livermore, CA
Livermore, CA (October 2015) — ARA, A Newmark Company (ARA Newmark) represented the seller and procured the buyer in the disposition of 738 Hayes Avenue, a 28-unit, Class B apartment community constructed in 1966. The property is located off of East Avenue just two miles from downtown Livermore, California, a desirable East Bay suburb, and three miles from the Lawrence Livermore National Laboratory, the largest employer in the area. A local private investor bought the property from a long-term local owner for $5,485,000, $195,892 per unit and $240 per square foot. The property was 100% occupied at the time of the sale.
The ARA Newmark team, led by San Francisco-based Senior Managing Director Mike Colhoun, served as the exclusive advisor in this transaction. According to Colhoun, “The property is located close to downtown Livermore near the largest employer in the area, Lawrence Livermore Laboratory. The units have large floor plans and the property represented a repositioning opportunity through turnover and renovation. Average in-place rents were below market at the time of sale.”
The new owner added, “I am excited to expand our presence in the Bay Area with the purchase of 738 Hayes Avenue. This acquisition is consistent with our strategy to acquire and reposition assets in the desirable East Bay market. We plan on spending additional capital to improve the property’s curb appeal, amenities and finishes in order to provide high quality housing.”
About ARA, A Newmark Company
ARA, A Newmark Company is the largest 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. This combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $12.4 billion in real estate transactions in 2014. For detailed information on ARA Newmark’s extensive multihousing investment services, visit www.aranewmark.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents. With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com. NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.