San Ramon Apartments Fetch $78M After 15-Year Hold
Berkadia has completed the $78-million sale of Bridges at San Ramon, a 200-unit multifamily community located in San Ramon. The transaction equated to $390,000 per unit. Senior managing director Jason Parr, managing director Scott MacDonald, associate Sydney Ladrech and director John Hansen of Berkadia San Francisco arranged the sale on behalf of the seller.
“Bridges at San Ramon offered a rare chance to acquire a value-add asset in one of the Bay Area’s most desirable submarkets, while capitalizing on the market’s nation-leading apartment momentum,” said Parr. “The property is adjacent to the East Bay’s most dynamic retail and employment hub, Bishop Ranch, and hadn’t come to market in 15 years. That scarcity drove significant investor interest and a highly competitive bidding process.”
Located on 10.39 acres at 309 Springfield Dr. in San Ramon, the 1988-built property is a two-story, garden-style community offering one- and two-bedroom apartments averaging approximately 739 square feet.
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout