BERKELEY, Calif. – The Pinza Group, Inc, a Top Commercial Real Estate Brokerage according to CoStar, has announced the sale of a 26 unit apartment building located at 1800 Spruce Street in Berkeley. The sales price was $8,300,000, which represents a price of $320,000 per unit. This is the highest priced sale and the highest price per unit sale in Berkeley in 2015.
Steven Pinza, Esq, President of the Pinza Group, Inc and a Top Sales Broker according to CoStar represented the Buyer and Seller on the transaction. “The new owner acquired a prime apartment building in an amazing location less than a block from UC Berkeley,” says Pinza. “Apartments in Berkeley and other select East Bay submarkets are among the highest in the nation, and property owners looking to sell their building should take advantage of the market before it is too late” adds Pinza.
The building consists of 26 spacious units consisting of 23 1bd/1bth units and 3 2bd/1bth units. Each unit has been well maintained and, upon turnover, is always updated with new flooring, paint, and kitchen/bathroom amenities. The building is separately metered for PG&E, but also has solar panels which keep all utilities low. The property boasts private garage parking, on site coin operated laundry, and extra storage spaces. The roof was recently replaced, and the building has been tremendously well maintained over the years making this an exceptional and incredibly rare opportunity for a new or seasoned investor.
“This is the best Seller’s market I have ever seen in my career, even surpassing 2007” said Pinza. “The Sellers of this property took advantage of the market, and completed their 1031 exchange immediately after close of escrow. I am very happy it worked out for them,” concluded Pinza.
About The Pinza Group
Founded in 2013, The Pinza Group is an investment real estate company built on a strong foundation of integrity, dedication, and experience which allows us to provide significant value to existing and future clients. Since The Pinza Group focuses exclusively on investment real estate, all of our efforts and resources are spent researching, brokering, and underwriting commercial properties in Northern California. The Pinza Group has devoted significant resources to build an effective list of owners, investors, and brokers in the area which has allowed us to create an innovative marketing platform allowing us to deliver incredible value to both owners and investors. The Pinza Group Property Management, Inc. currently manages over 20 investment properties throughout the East Bay. For more information on property management, for a free estimate of value on your property, or for off market opportunities: www.PinzaGroup.com or Info@pinzagroup.com.
