NoCal Property Sells for $31M

The 150-unit community in Hayward was acquired by Grupe Co.
Palomar Terrace, Hayward, Calif.

Palomar Terrace in Hayward, Calif.

San Francisco—Marcus & Millichap closed the sale of Palomar Terrace, a 150-unit community at 24650 Amador St. in Hayward, Calif., for $30.5 million, or more than $203,000 per unit. Jon Holmquist, senior vice president of investments with the firm’s San Francisco office, represented the seller, H. Robert Ripley Trust. He also procured the buyer, Grupe Co.

“Palomar Terrace is a legacy property that the builder held for 52 years,” Holmquist said in prepared remarks. “Our targeted marketing campaign drew multiple offers and the buyer selected was very strong, with operational history in the area, and had no loan contingency.”

Constructed in 1964 and 1965, the community is located two blocks from Interstate 880, a short drive from a Bay Area Rapid Transit (BART) station and a half-block away from shopping destinations.

The property is composed of 10 separate two-story buildings on a 4.7-acre parcel. Community amenities include a fitness center, a swimming pool, two laundry facilities and a large conference room.

Image via Yardi Matrix