BERKELEY — Three Berkeley apartment complexes in prime locations that total 231 units have been purchased by one of the Bay Area’s largest developers in three real estate deals exceeding $100 million.
DivcoWest, acting through three different affiliates, has purchased three apartment buildings in Berkeley, documents filed Jan. 31 with the Alameda County Recorder’s Office.
In total, DivcoWest paid a total of $102 million for the three Berkeley apartment complexes, according to county records that this news agency reviewed.
San Francisco-based DivcoWest’s purchases are a reminder that apartment complex investors are hungry for acquisitions in slow-growth markets like Berkeley.
Since Berkeley is not booming with housing development, this means that existing residential complexes do not face increased competition from many new housing projects. And that can make existing apartments attractive investments.
The newly purchased apartment buildings are on Fulton Street between Durant Avenue and Bancroft Way, at the corner of Telegraph Avenue and Ashby Avenue and on Allston Way between Oxford Street and Shattuck Avenue, according to public filings.
Portland-based The Green Cos., a real estate company specializing in the development and ownership of apartment buildings, sold the properties to DivcoWest.
Apartment buildings varied greatly in size.
Here are the details of the transactions, according to property records and information from apartment rental websites:
— Stadium Place, 2310 Fulton St., 133 units, $42.8 million, or $321,800 per unit. Rents range from $2,300 per month to $6,000 per month, according to Zumper.com.
— Telegraph Gardens, 3001 Telegraph Ave., 38 units, $31 million, or $815,800 per unit. The complex was built in 2013. Monthly rents range from $3,250 to $4,450, reports Apartments.com.
— Allston Place, 2161 Allston Way, 60 units, $28.2 million or $470,000 per unit. The complex was built in 2002. Rents range from $3,325 to $4,400 per month, according to RentCafe.
County documents showed DivcoWest’s purchases were all-cash transactions.