(EDITOR’S NOTE: According to public records, the seller is Pasadena, Calif.-based Gemdale USA.)
Property sets record price per square foot in Bay Area region, and among highest per unit
BERKELEY, Calif., – December 16, 2021 – Cushman & Wakefield announced today the firm has represented Gemdale USA in the disposition sale of Blake at Berkeley, a newly developed 84-unit luxury multifamily community located at 2033 Blake Street in Berkeley, California, California. The property consists of a single five-story building totaling 55,703 square feet.
The buyer acquired the multifamily asset for $66 million, equating to a price of approximately $1,185 per net rentable per square foot or $785,700 per unit.
Jason Parr, Scott MacDonald, John Hansen, Michael Bissada, and Sydney Ladrech with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
“Blake at Berkeley is a brand-new institutional quality apartment community situated in one of the nation’s best Opportunity Zones,” said Jason Parr, Executive Director. “Offering renters a high-end and convenient living experience, the location provides residents with seamless connectivity, walkable to one of the world’s top public universities in UC Berkeley, the city’s thriving downtown, and one of the nation’s premier life science hubs featuring a growing base of over 150 world-class biotech employers.”
Scott MacDonald, Managing Director, added, “As a new best-in-class apartment property in a gateway location, Blake at Berkeley represented the extraordinary opportunity to acquire a core asset in an Opportunity Zone and with significant upside. To our knowledge, the sale achieved a record price per net rentable square foot in the Bay Area and also ranks among the highest prices on a per unit basis, which reflects its quality, desirability and location as well as the market demand for this type of strong multifamily product.”
Jason Zhu, Chairman and CEO of Gemdale USA, said, “Gemdale USA has completed office projects, for sale residential, and value-add investments across our markets, but Blake at Berkeley is Gemdale USA’s first completed ground-up multifamily development, and we couldn’t be more proud to deliver this high quality project into an area with an acute need for more housing options. This transaction validates our strategy of developing world-class projects in Gemdale USA’s targeted premier markets across the country.”
Stew Cedarleaf, Managing Director, Acquisitions for Gemdale USA Northern California, added, “The sale of this property at a record-setting Bay Area price further boosts the prospects for our continued success. We look forward to redeploying the proceeds from this sale into other development sites across our target markets.”
Completed in December of 2021, Blake at Berkeley comprises 32 Studios, 34 one-bedroom units, 16 two-bedroom units, and two live-work units. The community features well-appointed upscale unit interiors, a central courtyard, a roof deck with incredible 360-degree views, two large common-area patios, coworking space, and garage parking with a robust parking ratio.
The property is also walking distance to the Downtown Berkeley and Ashby BART stations and provides instant access to Berkeley’s most sought-after dining and entertainment options.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.