IPA Brokers $44 Million East San Francisco Bay Area Apartment Asset Sale
HAYWARD, Calif., Dec. 12, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Mark, a 150-unit garden-style apartment complex in Hayward, California. The property sold for $44 million, which equates to $293,000 per unit.
“The Mark is well positioned to benefit from its central location near the Bay Area’s top job centers and the region’s steady economic growth,” commented IPA senior director Salvatore Saglimbeni. “Over the past three years, the Bay Area’s annual gross regional product growth rate of 4.3 percent has been nearly double that of the nation’s.”
Saglimbeni, Stanford Jones, IPA executive director, Philip Saglimbeni, IPA senior director, and senior managing director investments Jon Holmquist, Marcus & Millichap, represented the seller, a joint venture between The Grupe Company and Hanover Financial. The buyer is New Standard Equities.
“We are extremely bullish on the operational and value-add upside opportunities at the community, as well as The Mark’s proximity to local retail and employers in the immediate neighborhood,” added Edward Ring, CEO of New Standard Equities. Prior ownership recently invested approximately $2 million in capital improvements and interior upgrades.
The Mark is within a mile of Interstate 880 and Highway 92, giving residents direct access to the Peninsula, Oakland and San Jose. The Hayward Bay Area Rapid Transit (BART) station, which brings commuters to San Francisco, Oakland and Fremont, is within 1.3 miles.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.
About The Grupe Company
For over five decades The Grupe Company has delivered high quality residential, commercial, multifamily and master planned communities. Headed by Fritz Grupe along with an executive team balanced with seasoned professionals as well as young entrepreneurial managers, Grupe is actively involved in repositioning value-added apartments and constructing apartments in California, Arizona, Nevada and Colorado.
About Hanover Financial
Hanover Financial, LLC (www.hanoverfinancialllc.com.com), provides equity capital to local and national developers and operators of real estate to facilitate the acquisition, reposition and/or development of multi-family properties. The Company focuses on financing projects in the $20 million to $100 million range. The firm focuses its investment of multi-family around infill urban markets in the western United States.
About New Standard Equities
Founded in 2010, New Standard Equities (NSE) is a full-service real estate company providing property management, asset management, construction management and project investment. The company deploys private and institutional capital to acquire and operate multifamily assets that offer investors long-term appreciation and cash flow. While it headquarters in Los Angeles, CA, NSE has extensive hands-on experience in all major West Coast markets from San Diego to the Pacific Northwest.