Regional Job Growth Dictates Transit-Proximate Housing

A 146-unit value-add multifamily property in San Leandro recently sold for $36.6 million.

SAN LEANDRO, CA—The entire East Bay is undergoing rapid growth as tech giants and employers expand in the region. In addition to the region’s technology sector growth, San Leandro is home to three of the Bay Area’s largest craft breweries, a downtown district with a host of retail and restaurant amenities; a 750,000-square-foot mixed-use development, San Leandro Technology Campus, which will bring an estimated 1,800 tech jobs to the area and the San Leandro Monarch Beach, a 40-acre mixed-use development anticipated to break ground this year.

Indicating a bullishness for the area, Trion Properties and its joint-venture partner, DVO Real Estate, recently acquired Bel Brook and Hideaway Apartments, a 146-unit value-add multifamily property at 77-85 Estabrook St. for $36.6 million from the John Sullivan family. This is Trion Properties’ fourth Bay Area acquisition in less than 15 months, bringing its existing Bay Area multifamily portfolio to a total of 262 units.