The buyer was Trion Properties, which acquired the asset from a Private Partnership for $20.6 million. This was the first time the Creekside Apartments community was made available for sale since it was developed in 1969. Cushman & Wakefield’s Jason Parr, Scott MacDonald and Seth Siegel represented the seller in the transaction.
Jason Parr, Executive Director with Cushman & Wakefield’s Multifamily Advisory Group, said “Creekside Apartments has been diligently maintained by the prior owner and represented a market-proven value-add opportunity for the buyer to capture significant upside by implementing a comprehensive renovation program in one of the San Francisco Bay Area’s top performing income growth submarkets.”
Parr added, “All parties worked steadfast together and remained committed to bring this win-win sale to a successful close. This was a fairly rare transaction for the multifamily marketplace since the onset of COVID-19, which further speaks to the efforts of the group.” He continued, “The sale is a testament to the strength of the East Bay rental market and resilience of the multifamily sector, particularly in well-located workforce housing.”
Located at 424 Callan Avenue, Creekside Apartments features large one and two-bedroom apartments averaging over 880 sf. At the time of sale, only six units had been fully renovated, with most units in ‘classic’ condition. Key amenities of the community include a swimming pool and laundry facilities.
Creekside Apartments is walking distance to San Leandro BART Station, Downtown San Leandro and the new ±1MM square foot mixed-use San Leandro Tech Campus. The property benefits from its strategic access to some of the most innovative companies and highest paying jobs in the world, while being commuting distance to countless other employment throughout the region. Centrally located in the Bay Area, San Leandro residents enjoy multiple modes of transportation to the major job centers in San Francisco and Oakland through convenient access to Highways 580 & 880, BART, and AC Transit.
Scott MacDonald, also of Cushman & Wakefield’s Multifamily Advisory Group, said, “The extreme housing crisis and chronic housing creation shortfalls, combined with San Leandro’s centralized SF Bay Area location and its ongoing transformation, are fueling local rent growth. San Leandro has experienced nearly 40% rent growth over the past five years, with rents anticipated to see significant growth over the next decade.”