San Francisco condo developer and converter, Acquest Residential LLC, has purchased three multifamily communities totaling 148 units in nearby Hayward, Calif.
The value of the portfolio transaction was approximately $41 million.
The sellers were partnerships owned and managed by the Felson Cos. of Hayward, a local development family that originally built the communities.
Each property provides a distinctly different style and environment with a range of amenities including pools. Eighty-one city homes at Gatehouse Square are located in the Hayward city center within walking distance of BART, the regional subway system. The one-, two- and three-bedroom homes range from 887 to 1,282 square feet. Greenridge Condominiums, located in the hills above, features 37 one- and two-bedroom homes. Garwood Glen, an exclusive gated neighborhood of just 30 homes in the hills, features large 3-bedroom, 2-story townhomes with more than 1,600 square feet and attached 2-car garages.
The initial home release is expected this month, and the communities have been renamed Midtown, Ridgeview and The Glen. The majority of the units in the portfolio will be offered at prices well below the $525,000 median price for homes and condos in Hayward, according to a press statement.
Moison Investment Co. brokered the deal.