(EDITOR’S NOTE: The asset sold for about $588,235 per unit. Public records indicate the seller associated with Granite Bay Gardens, LP. The buyer, according to sources familiar with the deal, is HCF Development.)
Los Angeles, Calif. – Colliers brokered the $100 million sale of K Street Flats, a 170-unit multifamily property located in the heart of downtown Berkeley. Built in 2006, the development comprises one and two-bedroom apartments and sits just 0.5 miles from UC Berkeley. Designed with students in mind, the property offers an ideal off-campus living option with ample community amenities, including outdoor grilling stations, 24-hour study lounges, pet-friendly access, and more.
The property’s downtown locale is conveniently located less than two blocks from BART Station and offers its residents unmatched access to Shattuck Avenue, home to a multitude of shopping, dining, theatre, entertainment, galleries, and museums.
Colliers’ senior executive vice president, Kitty Wallace, alongside senior associate Anna Kampling, represented both parties in the transaction, wherein the buyer successfully negotiated with the City of Berkeley to expand affordable housing in the market and was successful in selling bonds that enabled the purchase of the property.
“UC Berkeley’s reopening has led to the submarket’s vacancy rate decreasing rapidly while increasing demand for affordable housing,” said Kitty Wallace. “K Street Flats’ amenities and proximity to downtown and BART station make it the ideal home for affordable and market-rate renters. Amid an incredibly tight market, competition for quality assets remains stiff for investors looking to take advantage of current market conditions, and this transaction created tremendous value for both sides.”As an authority in the multifamily market, The Kitty Wallace Team has closed more than 350 transactions, generating over $2 billion in total value. Based in Southern California, the Wallace Team specializes in investment sales of apartment buildings, land development, condominium conversions, student housing, affordable housing, and special assets throughout California and the Western U.S.