A uniquely designed student housing complex in Berkeley has traded hands for more than $100 million. According to reports from The Mercury News, the 55-unit Enclave Apartments have sold for $112.9 million, or more than $2 million per unit. The property was sold to an entity affiliated with Goldman Sachs.
Located at 2503 Haste Street, the Enclave Apartments provide space for up to 254 students within a castle-like building. The apartment building opened in 2020 and offers a mix of four-person, five-person and six-person apartment options.
“Only three blocks from campus, the building includes unique features including a Moorish Castle design with an upper and lower terrace.The apartments include a variety of configurations, with single and double rooms in shared apartments with two bathrooms including bathtubs,” the property’s website states.
A number of onsite amenities are also provided to tenants, including shared kitchen and living areas and an outside courtyard. Apartment units also come fully furnished with twin beds, desks, wardrobes and more.
As well as its close proximity to the University of California Berkeley, the building is also closely situated to other nearby housing options, including the Den Apartments, New Sequoia Apartments, Telegraph Apartments and several others. The area is also home to various restaurants and shopping options.
With high demand in Berkeley’s tight housing market, properties have been selling at high rates. Across the Bay Area, demand remains high. According to a recent second quarter multifamily market report from Kidder Mathews, average sales price in the Bay area shot up nearly eight percent year-over-year, increasing from $338,886 to $364,860. At the same time, vacancy rates decreased from 6.3 percent to 4.8 percent in the second quarter of the year. Average rental rates also increased in the second quarter to around $2,524 per month, compared to $2,374 the year prior.
