ARA Newmark Announces the Sale of 150-Unit Property in Pleasanton, CA
Pleasanton, CA (June 9, 2015) — ARA, A Newmark Company, today announced the sale of a 150-unit class B apartment community located at 4320 Valley Avenue in Pleasanton, CA for an undisclosed seller. The ARA Newmark team, led by Mark Leary, served as the exclusive advisors on the transaction. It was reported that the buyer, Greystar, paid above $300,000 per unit for the 1981 vintage garden-style property in the Tri-Valley region. The property, which drew over 20 offers from very qualified investors, was highly competitive.
Greystar has renamed the community, formally called Woodland Villas, to Avana Pleasanton. The community presents Greystar an opportunity to significantly upgrade the apartment interiors to create further value for its residents. The seller completed renovations on select units that included installing stackable washers and dryers, granite countertops, new cabinet faces, a new lighting package, and new vinyl-wood plank flooring. The units that have completed renovation have been very popular with renters. Mark Leary of ARA Newmark added, “Given the proven success of the current interior renovation program, Greystar has indicated that they plan to complete a superior scope of interior renovations on the balance of the units and to reposition the asset with significant exterior and common area upgrades.”
Located only 35 miles from San Francisco and San Jose, Avana Pleasanton’s central location provides convenient access to employers in Silicon Valley, Oakland and San Francisco via BART and Interstates 580, 880, and 680, plus State Routes 84 and 238. With a Safeway, Walgreens and Pleasanton’s largest neighborhood park adjacent to the property, residents can walk to many amenities that normally require driving in the suburbs. Residents can also walk to other to all local schools, which are among the highest rated in the state. Hacienda Business Park, located a quick drive or bike ride away, also provides access to numerous jobs including companies like Oracle and Kaiser Permanente.
To learn more about Avana Pleasanton, visit avanapleasanton.com. To schedule an interview with an ARA Newmark executive regarding this transaction please contact Mark Leary, at mleary@aranewmark.com or 415.273.2152.
