Equity Residential Sheds Apt. for $38M

UNION CITY, CA-Institutional Property Advisors, a boutique brokerage platform serving the needs of institutional and major private investors, has arranged the sale of Greenhaven Apartment Homes, a 250-unit apartment community in Union City. The sale price of $38 million represents $152,000 per unit and $196 per square foot.

The IPA brokerage team of Stan Jones, executive vice president investments, Sal Saglimbeni, associate vice president investments and Phil Saglimbeni, associate vice president investments, represented the seller, Equity Residential. The buyer was Los Altos, CA-based Interstate Equities Corp.

“The area’s limited multifamily construction pipeline, along with the resumption of job growth, will reinforce the current recovery in apartment operations,” says Jones. “Greenhaven should experience solid NOI growth as a result.”

Located at 31770 Alvarado Blvd., the 193,560-square-foot property is just north of the Fremont city border, near major transportation corridors, including State Route 84, State Route 92, Interstates 880, 238 and 580, Bay Area Rapid Transit and Amtrak. Union Landing, the city’s main retail hub, is located less than a mile from the property and hosts more than 100 acres of retail, entertainment and dining, including Century 25 Theatres, Best Buy, Lowe’s, Lucky, Walmart, Office Max and Petco.

“Greenhaven’s central location is a key component of it’s attractiveness,” Saglimbeni says. “The property is ideally situated near major Bay Area employment hubs, including the Peninsula, Silicon Valley, Oakland and the 680 Corridor.”   

Greenhaven Apartment Homes includes 102 one-bedroom/one-bath units, 48 two-bedroom/one-bath units, 80 two-bedroom/two-bath apartments and 20 three-bedroom/1.5 bath apartment homes. The average home size is approximately 774 square feet.

With a network of senior-level investment advisors located throughout the US, IPA is a division of Marcus & Millichap Real Estate Investment Services. To learn more about the platform, check out the recent exclusive Q&A with Hessam Nadji, head of strategy at the company.