El Cerrito is located on the north side of Berkeley, 10 miles north of Downtown Oakland. Del Norte Place was built in 1992. It sits adjacent to the BART station, which residents, employees and patrons can access via the Ohlone Regional Trail.
The residential portion consists of one- and two-bedroom apartments averaging 795 sf. The units are spread among four buildings, each of which has an elevator. Twenty percent of the units are reserved for seniors and another 20% for low-income families. The street-level retail space is leased to three restaurants, a Wi-Fi enabled coffee shop, as well as a financial planning form, a county government office, a dentist's office, an acupuncturist and an optometrist.
The property was listed by A&C brokers Curtis Gardner, Mark Leary and John Downing. San Diego-based MG Properties owns approximately 6,800 apartment units in California. The company intends modest interior and exterior renovations at the property, according to A&C. MG's initial cap rate on the investment is approximately 5.2%.
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