Cityview Snaps Up Bay Area Asset

Tralee Village Apartments previously traded for $55 million in 2017.

Property at 6599 Dublin Blvd., Dublin, Calif.
Since 2020, the community has averaged 95 percent occupancy. Image courtesy of Yardi Matrix

Cityview has purchased Tralee Village Apartments, a 130-unit community in Dublin, Calif., in a transaction brokered by Berkadia. The previous owner was JB Matteson, according to Yardi Matrix data.

The 2011-built asset traded prior for $55 million in 2017, when JB Matteson acquired it from Signature Development, the same source shows.

Cityview plans to overhaul the property. The renovation efforts will focus on common areas and apartment interiors, where the refurbishing process will target flooring, lighting, kitchens and bathrooms.

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Spanning more than 4 acres, the four-story community consists of one- to three-bedroom floorplans ranging between 653 and 1,549 square feet. Units feature 9-foot ceilings, granite countertops and open layouts, to name a few.

Common-area amenities include 30,000 square feet of ground-floor retail space comprising eateries and service-oriented shops. Moreover, a swimming pool and spa, gym, clubhouse and business center are available. The property is part of the 314,000-square-foot Tralee Village mixed-use development.

Located at 6599 Dublin Blvd., Tralee Village Apartments is within 2 miles of interstates 680 and 580, while downtown Oakland and San Francisco are some 25 and 35 miles northwest, respectively. Employers such as Chevron, Oracle and TriNet operate within a 4-mile radius of the property.

Berkadia Senior Managing Directors Jason Parr and Brett Betzler alongside Managing Director Scott MacDonald and Senior Director Kaohu Berg-Hee were part of the team that led the transaction.

San Francisco’s multifamily transactions are treading water

More than 880 units changed hands in Greater San Francisco year-to-date through May, Yardi Matrix data shows. The investment volume marked a massive 77 percent decrease compared to the sales registered during the same interval of 2023, which involved north of 3,800 units.

One such transaction that closed this year also involved Cityview. The company’s joint venture with Greystar sold Elan Mountain View, a 164-unit community in Mountain View, Calif. Essex Property Trust paid $101.1 million for the asset, according to Yardi Matrix data.

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