By Meghan Hall
San Francisco-based investment firm DivcoWest is continuing to buy properties across the Bay Area, most recently closing on the acquisition of several apartment assets in Berkeley. According to The Mercury News, DivcoWest purchased three properties from The Green Cos., based in Portland, Oreg., for a combined $102 million.
In the largest deal, Stadium Place was acquired for $42.8 million, or about $321,800 per unit. The 133-unit complex is located at 2130 Fulton Street.
Telegraph Gardens, at 3001 Telegraph Ave., totals 38 units. The property was purchased for $31 million or about $815,800 per unit. Public records show that The Green Cos. originally paid $25.38 million, or about $667,895 per unit, for the asset in 2019.
Lastly, Allston Place sold for $28.2 million, or about $470,000 per unit. The property totals 60 units and was originally constructed in 2002. The complex is located at 2161 Allston Way. Records show that it last traded in November of 2016 for $22.39 million.
DivcoWest paid all cash in the deals, and the Berkeley transactions were not the company’s first this year. Between August of 2021 and January of this year, DivcoWest acquired several parcels in Burlingame for $55.7 million. The properties are located at 1200, 1240 and 1250 Old Bayshore Highway.
On January 7th, DivcoWest acquired a South San Francisco office asset at 5000 Shoreline Ct. for $164.5 million. The building rises three stories and totals 138,381 square feet. In all, it sits on just under 8.6 acres.
The firm also acquired 6550 Dumbarton Circle in Fremont for $72.2 million; 63 percent of the asset has been leased to Alexza Pharmaceuticals. The company is also working on a new vision for the Sand Hill Collection, a collection of buildings in Menlo Park totaling 552,000 square feet.
Over the past 30 years, the firm has acquired 50 million square feet of space. Currently, it has 11.6 million square feet under management, worth about $12.9 billion, according to the company’s website.
