Multifamily Property Hits on All Cylinders for JV Buyers

The Bridge ownership plans to modernize the outdoor living spaces.

HAYWARD, CA—Vacancy levels are tight here and forecast to become even tighter through 2020, as the area continues to add jobs at a projected rate of approximately 110,000 jobs per year. In this supply-constrained submarket with no new rental units completed since 2014, the plans for a repositioning effort on a circa-1986 multifamily property make sense.

This effort is to follow the sale of The Bridge, a 544-unit multifamily property, purchased by a joint venture of New York City-based fund manager, Phoenix Realty Group, and Boston-based Intercontinental Real Estate Corporation. Located at 25800 Industrial Blvd., The Bridge consists of 29 two- and three-story buildings and is situated on a 22-acre site.