TDT Disposes of Hayward Asset, Doubles Original Investment
- Oct 31, 2016
Hayward, Calif.—A joint venture of Thompson | Dorfman Partners LLC and BayNorth Capital recently announced the sale of Solaris Apartments in Hayward, Calif., for a total consideration of $14.3 million. Scott MacDonald and Ric Russell of Cushman & Wakefield’s San Francisco office arranged the deal on behalf of both the selling venture, operating under the name of TDT Ventures, and the buyer, a local private investor.
Located at 24661 Amador St. in Hayward, Solaris Apartments is a 68-unit, garden-style low-rise community. Totaling 45,304 square feet of space, Solaris offers easy access to the I-880 and a Bay Area Rapid Transit station. The unit mix consists of 52 one-bedroom apartments and 16 two-bedroom apartments.
According to real estate data provider Yardi Matrix, the average rent at the community is $1,773. The property operates at roughly 98 percent occupancy, highlighting the strong performance of Alameda County.
Thompson | Dorfman Partners originally acquired the property in 2008 from Amador Properties for a fee of $7.1 million. According to TDT Ventures’ Bob Talbott, “Solaris Apartments is a great example of the type of well-located, value-add property that we look for in underserved markets,” while also noting that the former owner invested roughly $1 million in improvements. During its stint as owner, the company added a new controlled-access gate system, new building signage, updated exterior paint and exterior lighting, replaced the air-conditioning units and renovated unit interiors.
Image courtesy of Thompson | Dorfman Partners