Condo conversion portfolio sells near San Francisco

Units to be offered below area's median price

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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 ...