(EDITOR’S NOTE: According to sources, the sale price was $55 million, or $423,076 per unit. The seller was PCCP, and the brokers on the deal were John McCulloch and Mark Leary of ARA Newmark.)
130-unit luxury apartment community in East Bay’s 680 Corridor
SAN MATEO, Calif. – JB Matteson, Inc., a San Mateo-based private real estate investment manager, announced today the acquisition of Tralee Village Apartments, a 130-unit luxury apartment community in Dublin. This is their sixth San Francisco Bay Area apartment acquisition.
Tralee Village Apartments, a Class A, 127,292-square-foot apartment community built in 2011 in the East Bay city of Dublin, offers one-, two-, and three-bedroom flats, lofts, and townhomes. Each residence features 9-foot ceilings, granite kitchen countertops, stainless steel appliances, full-sized washers and dryers, dual pane windows, and patios with balconies. Shared community amenities include a fitness center, large pool, business center, secured underground parking with elevator access, and open green space.
“Tralee Village Apartments is located in the 680 Corridor, a growing area with strong job drivers, top schools, good public transportation, and attractive demographics,” said John Bellack, co-president and chief investment officer at JB Matteson. “It’s a quality modern property with high-end finishes and amenities. Being close to the two Pleasanton/Dublin BART stations and the intersection of 580 and 680 is a real advantage for Bay Area residents and commuters.”
Surrounding job centers include Hacienda Business Park and Bishop Ranch, two of the Bay Area’s largest business parks. The community is within close proximity to shopping opportunities at Stoneridge Mall with Macy’s and Nordstrom, Hacienda Crossings with Regal Cinemas, Dublin Place with Safeway and Target, Persimmon Place with Whole Foods Market, Rose Pavilion with Trader Joes, and Home Depot.Tralee Village Apartments is less than a mile from the both Pleasanton/Dublin BART stations, I-580 and I-680 – offering easy access to Downtown San Francisco, Downtown Oakland, Oakland International Airport, Downtown Berkley, and more locations near the San Francisco Peninsula.
JB Matteson’s other Bay Area properties include Ilara Apartments in Milpitas, Millworks Apartments in Novato, Rafael Town Center in San Rafael, and Theatre Square Apartments in Petaluma.
About JB Matteson
JB Matteson is a 50-year old privately held investment manager located on the San Francisco Peninsula. On behalf of several hundred private capital investors, JB Matteson owns and operates Class A, investment grade multifamily properties located in major metropolitan areas on the West Coast. The Company’s investment strategy is to accumulate a high-quality portfolio of newer (built since 2000), Class A apartments comprising 100 units or greater situated in close-in locations of major cities. The West Coast markets tend to outperform other markets in the country in terms of occupancy and rent growth, resulting in growing cash flow growth and appreciation.
JB Matteson’s $1 billion portfolio is diversified among major metropolitan areas along the West Coast. The portfolio includes both urban mixed-use assets and suburban garden style apartments. The portfolio enjoys diversification by metropolitan area, employment drivers, and resident profile. Investment criteria include regional economic factors such as employment drivers, population density, public transportation, walkability, supply constraints, replacement cost, property functionality, and opportunity to improve operations. For more information, visit www.jbmatteson.com.