Equity Residential Sells Bay Area Property for $248M
- Mar 11, 2020
Equity Residential has sold a 540-unit residential community in the Bay Area for $248 million, or about $459,000 per unit, to buyer Acacia Capital Corp. Located in Pleasanton, Calif., Park Hacienda was completed in 2000 and was purchased by Equity in 2013 as part of a portfolio sale from Archstone.
The deal comes a week after Equity sold another property in the Bay Area, the 221-unit Northridge Apartments community in Pleasant Hill, Calif., for $91 million to a joint venture of Vista Investment Group and Tokyu Land US Corp.
Park Hacienda sits on 24 acres at 5650 Owens Drive, less than a mile from the Dublin/Pleasanton BART train station and about 37 miles from downtown San Francisco. The community is situated within the Hacienda Business Park and features a mix of one-, two- and three-bedroom units averaging 998 square feet in size.
Resident amenities include two swimming pools, a fitness center, covered and underground parking and direct access to a public park. Apartment unit interiors feature stainless steel appliances, full-size washers and dryers and private patios with storage.
San Francisco’s multifamily market has been on a strong rent growth strength, despite its very limited supply of housing, especially on the affordable side. According to a recent Yardi Matrix market report, rents grew 2.4 percent year-over-year between October 2018 and October 2019 to an average of $2,738, nearly double the national figure.
A JLL Capital Markets team of Scott Bales, Peter Yorck, Nolan Moore and Max Machiorlette represented Equity Residential in the deal.