Telegraph Commons, a mixed-use asset with 118-beds and five retail tenants has sold for $16,500,000. The iconic building located at the corner of Telegraph Avenue and Channing Way, two blocks from UC Berkeley, traded a $640 per gross square foot.
Telegraph Commons, originally constructed in 1923 as an office building, was converted about 15 years ago to 63 residential units including 118 beds. The conversion created multiple floor plans that offer single, double and triple-bed options for residents. Each floor also offers its own kitchen and common area spaces. The layout of the residential units and location makes it an ideal option for students attending UC Berkeley. The property’s retail component includes many well-known local establishments including restaurants, a dentist office and hair salon. The property is unique in that it is exempt from Berkeley’s Rent Stabilization Program given that the conversion took place 15 years ago and considered “new construction”.
The seller, a Los Angeles-based investment group sold the property to a local Berkeley-based investment group. The buyer plans to renovate and improve the unit interiors and common areas.
Brandon Geraldo and Ryan Wagner, who lead the Bay Area Multifamily Team at Colliers International, represented the buyer and seller.
In the last 12 months, the Bay Area Multifamily Team of Colliers International has closed or is under contract on over $300MM in multifamily properties throughout the greater Bay Area, representing approximately 25% market share in asset valued between $10,000,000 and $30,000,000.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.
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