OAKLAND, CALIF. –– CBRE arranged the sale, purchase and financing of The Point apartments, a large multifamily apartment building in Point Richmond, Calif., to a private investor. The property sold for $14.97 million.
Keith Manson, Zachary Greenwood and Mac Watson of CBRE’s East Bay Multifamily team represented the sellers, a joint venture between real estate developer Integrated Property Company II and TRIG Investment Group, who developed The Point apartments. The buyer, who executed a 1031-exchange, was represented by Jef Henderson, Jon Teel, Adam Foley and Katie Hayden from CBRE’s Silicon Valley Multifamily team.
“The ability to source a buyer through CBRE’s network on an off-market basis was critical to meeting the 1031-exchange requirements in light of the highly competitive nature of the Bay Area market and rising home prices,” said Mac Watson, Senior Associate of CBRE.
Andrew Behrens, Jesse Weber and Ryan Jameson of CBRE’s Debt & Structured Finance team secured a $3.55 million loan with a 3.23 percent rate through CBRE’s Freddie Mac Multifamily Small Balance Loan (SBL) Program. CBRE has led the nation as the No. 1 seller by volume of Freddie Mac SBL loans since 2017 and since joining the program, CBRE has funded nearly 3,000 Small Balance Loans for a total volume over $7 billion.
“We are pleased to secure one of the lowest rates in the market for The Point, particularly amid a turbulent interest rate environment, which saved the buyers tens of thousands per year,” said Ryan Jameson, Vice President of CBRE.
The Point apartments has 27 residential units and a commercial retail space, totaling 28,503 sq. ft, located at 401-403 South Garrard Blvd in Richmond, just a 30-minute drive from San Francisco. The property includes 28 parking stalls, a rooftop terrace and outdoor grill areas. Built in 2017, all units have updated fixtures and modern amenities including open-concept living spaces, floor-to-ceiling windows, in-unit washer and dryer, central air and heating, fireplace, stainless steel appliances and hardwood floors.
“The burgeoning neighborhood community in Point Richmond, combined with the property’s proximity to San Francisco and East Bay and its expansive amenities, made The Point apartments an attractive investment and was well-aligned with our client’s investment portfolio,” said Jon Teel, Vice President of CBRE.
Nationally, multifamily investment volume outperformed industrial, retail and office with $57 billion in investment volume in the first quarter of 2022, up 42 percent from the same period last year according to CBRE. The San Francisco Bay Area was the fourth top market in total multifamily investment volume, growing 82.8% year-over-year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.