Bay Area Community Trades for $23M
Colliers International represented the seller, Pierron Properties, in the transaction with MC Investment Partners.
MC Investment Partners has acquired 2199 Bancroft, an 87-unit community in San Leandro, Calif., for $22.8 million.
Colliers International represented the seller, Pierron Properties, in the transaction.
Built in 1965, the 84,357 square-foot property comprises a mix of one-, two-, three- and four-bedroom units. Common-area amenities include a swimming pool, recreation room and private courtyard. The seller implemented a capital improvement plan to upgrade some of the apartments. According to the brokers, the property was put on the market for the first time since it was built.
Located at 2199 Bancroft Ave., on approximately 2 acres, the community is within 2 miles of Interstate 880 and within 5 miles of Oakland International Airport.
Colliers Senior Vice President Rich Martini assisted the seller. Recently, the brokerage firm arranged the sale of Villa Grande Apartments, a 110-unit community in El Cajon, Calif. Clear Sky Capital purchased the asset for $19 million from a private owner.