Trion Properties Purchases Bay Area Community for $21M
The deal marks the first time the property was made available for sale since being built in 1969.
Creekside Apartments. Image courtesy of Cushman & Wakefield
Trion Properties has grown its Bay Area portfolio with the acquisition of Creekside Apartments, an 80-unit community in San Leandro, Calif., for $20.6 million.
Cushman & Wakefield represented the seller, a private partnership. According to the brokerage, this was the first time the asset was made available for sale since it was built in 1969.
The property comprises one- and two-bedroom units, with apartments averaging 880 square feet in size. At the time of the transaction, only six units had been fully renovated. Common-area amenities include a swimming pool, fitness center and laundry facilities. The asset also has 90 parking spaces.
Located at 424 Callan Ave., on roughly 2 acres, the three-building asset is less than 5 miles from Oakland International Airport and within walking distance of the San Leandro BART Station.
Cushman & Wakefield’s team included Managing Director Jason Parr, Executive Director Seth Siegel and Director Scott MacDonald. This month, another team of the brokerage represented the seller of a 416-unit community in Clearwater, Fla. The property traded for $55.8 million.
