Cityview Acquires Bay Area Multifamily Project
2024年6月21日 - 5:00AM
Cityview, a premier multifamily investment management and
development firm, has acquired Tralee Village Apartments in Dublin
– California’s fastest growing city. The three-story, 130-unit
multifamily project is spread across two buildings and sits above
more than 30,000 square feet of curated ground-floor retail,
including eateries and service-focused shops.
“Tralee Village was a prime opportunity to acquire a
well-located, high-quality asset in a highly sought-after submarket
that has experienced significant population and employment growth
since the pandemic,” said Sean Burton, CEO of Cityview. “With a 95%
average historical occupancy and robust market fundamentals, Tralee
Village fits squarely in our strategy of acquiring communities in
supply constrained markets with high barriers to entry at
significantly below replacement cost.”
Originally built in 2011, the community offers spacious one-,
two- and three-bedroom floorplans featuring open concept layouts,
in-unit washers and dryers, granite countertops, USB outlet ports,
modern custom-wood cabinetry in two styles, central heat and air,
large closets, 9-foot ceiling heights and stainless-steel
appliances. Select units also feature vaulted ceilings,
floor-to-ceiling windows and large balconies.
Cityview is planning a comprehensive renovation of the interiors
and common areas, including new unit flooring, lighting, kitchen
and bathroom countertops and accessories.
Tralee Village residents have full access to community amenities
including ground-floor retail, a resort-style pool and spa,
high-end fitness center, clubhouse, business center, courtyard and
BBQ area, playground, parcel lockers, bike storage and ample garage
parking.
Located at 6599 Dublin Boulevard, Tralee Village is ideally
located in the Tri-Valley, which is increasingly recognized as the
Bay Area’s premier business ecosystem. Its centrally accessible
location, relatively affordable office rents and highly educated
workforce continues to attract innovative start-ups and
well-established companies including 10X Genomics, Chevron,
Workday, Oracle, Tesla, General Electric, SAP, Snowflake, TriNet
and Accenture.
Combining urban conveniences with suburban comforts, Dublin is
located just 35 miles east of San Francisco and features highly
rated public schools, 24 community parks, nearly 800 acres of open
space and a wide array of cafes, restaurants and shops. The city is
currently undergoing a vast mixed-use and pedestrian-oriented
transformation as the Downtown Dublin Preferred Vision comes to
fruition.
“With a 58% population increase from 2010 to 2020, and 10,000+
new residents expected by 2033, Dublin’s multifamily market is
experiencing growing demand and shrinking supply, making this a
prime area for investment,” added Burton. “We look forward to
reimagining Tralee Village and elevating its design, finishes and
amenities to rival new Class A communities.”
Conveniently situated at the intersection of I-580 and I-680,
Tralee Village residents have easy access to the West
Dublin/Pleasanton BART station as well as the nearby employment
hubs of Silicon Valley, San Francisco, Oakland, Berkeley, Walnut
Creek and the Peninsula.
Jason Parr at Berkadia brokered the transaction. Westhome, an
affiliate of Cityview, will serve as the property manager.
About Cityview
Founded in 2003, Cityview is a vertically integrated real estate
investment management and development firm focused on multifamily
housing in gateway markets in the Western U.S. Specializing in
developing, acquiring, and operating opportunistic and value-add
multifamily projects, Cityview creates sustainable housing options
in transforming areas, changing cities into communities, people
into neighbors and houses into homes. Cityview has invested in more
than 130 projects to date. For more information, visit
cityview.com.
Media Contact:
Jade TerrySenior Communications Manager,
Cityviewjterry@cityview.com512-415-6923