Multifamily operators highly active in two Bay Area counties

Multifamily transaction activity high in Alameda , newly built developments trading in Santa Clara
  • 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.

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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 i...