Rev Projects Acquires 120 Unit Residential and Retail Building in Berkeley For $21.8MM

Rev Projects, Berkeley, UC Berkeley, Telegraph

Prime Location On Telegraph Avenue One Block From UC Berkeley

Berkeley, CA (February 28, 2019) – Rev Projects (Rev), a commercial real estate investment and development firm, announced the purchase of 2340 Telegraph Avenue in Berkeley, California in a transaction valued at $21,750,000.

The mixed-use building with 120-unit residential units is a value-add investment located one block south of the UC Berkeley campus. The ground floor of the building is comprised of six retail units that benefit from the strong pedestrian traffic in the core of the Telegraph retail corridor.

Rev will extensively redevelop the under-managed building and competitively position it in Berkeley’s aging residential market. Improvements will include architectural design and renovation of the unit interiors and lobby, new furnishings, upgraded security, student-oriented amenities, and a new branding and marketing campaign. A new leasing and marketing plan will attract credit retail tenants to the current retail vacancies, which will contribute to the already bustling activity on the Telegraph retail corridor and act as amenities for the building’s residents.

Eric Wang, Principal of Rev Projects, commented, “This is another example of a project with substantial value-add potential in a prime location. UC Berkeley is struggling to support the escalating demand for housing near its campus from its growing student population during a worsening housing crisis. Ultimately the renovation plan will prioritize the housing needs of students seeking refuge from the crisis and improve their living experience by creating a lively atmosphere and introducing professional management services.”

For more information on Rev Projects, please visit the firm’s website, www.revprojects.com.

West Coast Commercial Real Estate News