Waterton has purchased Aventine, a 147-unit luxury property in Hercules, Calif., for $63 million or nearly $430,000 per unit, according to Yardi Matrix. The seller had completed work on the asset three years earlier.
Two private investors acquired the half-built development from the City of Hercules in 2014, according to San Francisco Business Times, and selected Carmel Partners to finish the work. Prior to the sale, the project had been abandoned for three years. The developer revived it in 2015 with a $26.8 million construction loan from JPMorgan Chase, Yardi Matrix data shows.
The property occupies nearly 2 acres at 1375 Sycamore Ave. in the Richmond submarket, near the intersection of Interstate 80 and State Route 4. The community is approximately 25 miles from downtown San Francisco and close to public transportation routes linking the area to the region.
The community has a mix of studio, one-, two- and three-bedroom units, with floorplans averaging 976 square feet. Amenities include a fitness center, a business center, a clubroom and underground car and bicycle parking. The property also has more than 8,000 square feet of ground-floor retail space.
Demand for housing in the East Bay is strong: Yardi Matrix indicates that developers have taken note, with deliveries exceeding 2,100 units this year. Three multifamily projects are underway in the Richmond submarket, totaling 637 units.