A student housing community, located two blocks south of the University California, Berkeley campus has sold for $10,665,000.
Berkeley-based Valiance Capital acquired the 72-bed community at 2425 Prospect Street from a local private investor. Valiance Capital specializes and focuses on the acquisition of opportunistic, value-add multifamily and student housing properties. The new owner plans to significantly renovate the site and provide various new amenities to an increased number of student residents at the property.
The existing four-story property includes approximately 20,000 square feet with a significant portion of that coming in the form of common area space. Valiance Capital is expected to take full advantage of the ample layouts and high ceilings to offer a lifestyle that student residents will enjoy. The property is less than two blocks from California Memorial Stadium, adjacent to the University of California, Berkeley Clark Kerr Campus and is at the center of fraternity and sorority housing.
Brandon Geraldo and Ryan Wagner, who lead the Bay Area Multifamily Team at Colliers International, represented the seller and buyer.
In the second quarter of 2019, the Bay Area Multifamily team of Colliers International has sold or is under contract on over $175M in multifamily properties throughout the greater Bay Area, representing approximately 30% market share in assets valued between ten and thirty million dollars.About Valiance Capital
Valiance Capital is a privately held real estate investment firm that focuses on the acquisition of opportunistic, value-add multifamily and student housing properties. We specialize in repositioning well-located assets with significant value-add potential through the successful execution of a detailed investment strategy and vertically integrated management platform, with a focus on high demand/supply-constrained markets in California. In the world of real estate investing, there is a core of principles for long-term success. Valiance Capital strives to creatively navigate through the volatility and constant shifting of the dynamic real estate market. Our approach is fostered on proven strategies of excellence and innovation to complex solutions, enabling significant enhancement to each of our real estate investments; and positive impact to our investors and communities.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.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
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