• Five multifamily deals that closed in Santa Clara County totaled $610 million.
  • Eighty-three multifamily transactions closed in Alameda County last quarter.
  • Accelerating rents are expected to continue in Alameda, as the county has the lowest vacancy rate in the Bay Area and a minimal development pipeline.

When eyeing recent multifamily transaction activity in the Bay Area two counties, Santa Clara and Alameda, stand out.

During the fourth quarter of last year Santa Clara County accounted for the highest multifamily sales volume (nearly $795 million), while Alameda contributed the most rental property sales (83), according to a report from Cushman & Wakefield.

In Santa Clara, the closing of 40 transactions accounted for the $795 million in sales volume last quarter. Five of these transactions represented $610 million of the $795 million.

These five deals, which ranged in sales price from $93 million to $160 million, likely involved newly built multifamily developments, as the sellers were Pacific Urban Residential, Braddock & Logan Homes, Lennar Multifamily Communities, J.F. Shea Co. and Fairfield Residential.

These transactions are the primary reason the county’s average price per-unit, for multifamily units sold, reached $424,000 last quarter.

Average rents in Santa Clara, which sat at $2,575 last quarter, are predicted to modestly increase in the months ahead. The county has roughly 7,800 rental units currently under construction and an average vacancy rate of 4.7 percent.

Alameda County attracting renters, investors

Population growth, an average vacancy rate of 3.3 percent and a minimal rental development pipeline are the primary reasons multifamily owner/operators are buying properties in Alameda County.

Last quarter 83 multifamily transactions closed, which equated to $371 million worth of deals. Contributing to this volume total was the sale of a 544-unit property for $158 million. The buyer was Phoenix Realty Group.

Ranking among the fastest growing counties in California, with large levels of in-migration occurring, rapid rental rate growth is expected to continue in Alameda, as only 2,824 rental units are under construction. Of these units, a large concentration are in downtown Oakland and Jack London Square.

During the fourth quarter the average rent in Alameda, at properties with 50 or more units, stood at $2,226.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription