Two Trophy Multifamily Assets Hit the Market in Berkeley – Pricing May Hit $60MM

Jonathan Rose Companies, Prado Group, San Francisco, UC Berkeley, Chase Bank, Chipotle, Brandy Melville, Colliers International,
The Granada, 2510 Bancroft Way

New York based Jonathan Rose Companies and San Francisco based Prado Group have decided to list two incredibly well located assets located immediately proximate to UC Berkeley. The properties are located at 2510 Bancroft Avenue – across the street from UC Berkeley, and 2520 College Avenue, located four blocks from campus on the renowned College Avenue.

2510 Bancroft Avenue, commonly referred to as The Granada, is a historic mixeduse property located immediately across the street from UC Berkeley. The property features 46 residential units with mixed retail tenants below, such as Chase Bank, Chipotle, Brandy Melville and other national and regional tenants. Built in 1905, this iconic mission revival building features original wood paneling, period architectural details and San Francisco marina-style unit interiors. Select units feature tiled bathroom floors with clawfoot tubs, spacious eat-in kitchens, decorative fireplaces and mantels and many preserved cabinetry details. The units remain in almost entirely original condition, offering substantial opportunities for a careful and thoughtful upgrade to the kitchens and bathrooms. The exterior façade of The Granada has been carefully restored and the property has recently undergone substantial upgrades including a new roofing membrane and a sustainable solar installation that powers nearly all of the property’s common area utilities. The building has only traded hands once since it construction in the early 1900’s.

2520 College Avenue is a more traditional multifamily asset located four blocks from the southern edge of campus. This asset, built in 1968, features a mix of spacious one, two and three bedroom floorplans with patios and balconies for all units. The property surrounds a central courtyard space and swimming pool – one of only two properties in this Berkeley submarket to offer such an amenity. The exterior of the property has recently received a new roof, new windows and new paint, while the interiors of the units remain in almost entirely original condition.

The two properties are available individually or collectively, offering a unique opportunity to obtain immediate scale in one of the most desirable rental markets in the country.

The sellers have engaged the San Francisco office of Colliers International with the exclusive listing. The team involved in the sale includes Brandon Geraldo and Ryan Wagner, who lead the Capital Markets | Multifamily team. Colliers declined to comment when contacted for this story.

2520 College Avenue, Berkeley
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