Berkeley Student Housing Portfolio Changes Hands
- Oct 11, 2019
The Dinerstein Companies (TDC) and Harrison Street have purchased the Berkeley Apartment Portfolio in Berkeley, Calif., from Equity Residential.
Rebranded as the Sterling Berkeley Collection, the portfolio will become a component of Sterling Housing, the student housing division of TDC.
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Berkeley’s residential population is twice what it was 19 years ago, and enrollment at UC-Berkeley has surged by 6,000 students. These developments helped increase the attractiveness of the portfolio, containing communities between 15 and 21 years of age, totaling 343 units and featuring more than 27,000 square feet of retail space.
“The primary challenges were securing the opportunity, making sure we understood the City of Berkeley’s ordinance tied to rent control, and lease audits,” Merideth Savoie, vice president of marketing and management services, told Multi-Housing News. “We have a great team and partner. Collectively we were able to address all the hurdles to acquiring a large portfolio in Berkeley.”
Sterling Addison is a neo-classical building with underground parking located in the heart of Berkeley’s theater district. A BART rapid transit station is nearby and UC-Berkeley is two blocks away. Units feature stainless steel appliances and large closets.
Sterling Allston is next to the UC-Berkeley campus, within walking distance of a BART station and transit lines, and offers reserved parking and an underground parking garage. The elevator building also houses on site the Marsh Art Center. A linen closet, ceiling fan and built-in shelving are among features of the apartments.
Sterling Haste serves up a courtyard, underground reserved parking and package service with notifications. A Wellspring Pharmacy and Saha Restaurant are located on site. Apartment features include dishwasher, built-in shelving and a linen closet.
Sterling Jefferson is located near the UC-Berkeley campus, offers key fob access, and features a courtyard, elevator and underground reserved parking. An AI photo lab and video are on-site. The apartment community is only one mile away from the freeway. Units feature private balcony, fully-equipped kitchen and choice of bathroom plans.
Sterling Oxford offers a rooftop deck, underground garage parking and package service with notifications. Featuring Yali’s Oxford street cafe on premises, the community is near transit lines and downtown Berkeley shops and eateries. Units include spacious bathrooms, dishwashers and built-in shelving.
Sterling University Ave. provides a rooftop deck with views, elevator, laundry facility and available storage. Residents can walk to shops, cafes, groceries, transit lines and downtown Berkeley. Apartment units offer ceiling fans, expansive closets, dishwashers, built-in shelving and linen closet.