The Bay Area, with its continuously growing tech sector, has been one of the most desirable regions for multifamily investors, and the local players know that all too well. In a transaction worth $105 million, San Francisco-based Ballast Investments and Rev Projects acquired one of the largest rent-controlled portfolio ever offered in the East Bay, according to published documents. The mixed-use portfolio, located in Berkeley, comprised of 255 residential units and over 37,000 square feet of commercial space was sold by New York based Jonathan Rose Companies and San Francisco based Prado Group.
The Registry was the first to announce the sale of these assets in January of this year.
The properties purchased by Ballast for $83,250,000 include:
- The Granada, 2510 Bancroft Way – mixed-use asset with 46 residential units and approximately 15,000 square feet of retail space. Notable retailers include Chase Bank, Chipotle and Jamba Juice
- 2520 College Avenue – 49 residential units
- Cambridge Apartments, 2500 Durant Avenue – mixed-use asset with 40 residential units and over 12,000 square feet of commercial space that includes Super Duper Burger and Pappy’s Grill
Rev Projects spent $21,750,000 for the following asset:
- The Carlton – value-add mixed-use asset comprised of 120 residential units and approximately 10,000 square feet of commercial space
Three of the four properties are located within one block of the UC Berkeley campus along Telegraph Avenue, with the fourth just ¼ mile away on College Avenue.
The Bay Area Multifamily Team of Colliers International worked on the sale on behalf of the sellers. The group involved in the transaction includes Senior Vice Presidents Brandon Geraldo and Ryan Wagner, Vice President Kalah Espinoza and Associate Mathew Flaherty. All of them work out of the company’s San Francisco office.
Combined, the sale represents one of the largest transactions in the history of Berkeley and one of the highest achieved price per square foot, which came in at $658. The Granada, located at 2510 Bancroft Way, recorded the highest price per square foot pricing in Berkeley history at $864.
All parties declined to comment further when contacted for the story.
Prado Group is a privately held real estate development and investment management company with a primary focus on residential, retail and mixed-use properties. The firm focuses on in-fill, supply-constrained markets with high barriers-to-entry in the greater San Francisco Bay Area, according to a company statement.
Ballast is a multifamily investment company based in San Francisco. According to its web site, the company focuses on modernizing living spaces with thoughtful renovations and the preservation of classical architectural details.
Rev Projects is a commercial real estate company that acquires and repositions properties in the San Francisco Bay Area that are under-utilized or mismanaged, according to the company’s web site.