HAYWARD, Calif., Dec. 21, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Mark, a 150-unit garden-style apartment complex in Hayward, California. The property sold for $44 million, which equates to $293,000 per unit.
“The Mark is well positioned to benefit from its central location near the Bay Area’s top job centers and the region’s steady economic growth,” commented IPA senior director Salvatore Saglimbeni. “Over the past three years, the Bay Area’s annual gross regional product growth rate of 4.3 percent has been nearly double that of the nation’s.”
Saglimbeni, Stanford Jones, IPA executive director, Philip Saglimbeni, IPA senior director, and senior managing director investments Jon Holmquist, Marcus & Millichap, represented the seller, a joint venture between The Grupe Company and Hanover Financial. The buyer is New Standard Equities.
“We are extremely bullish on the operational and value-add upside opportunities at the community, as well as The Mark’s proximity to local retail and employers in the immediate neighborhood,” added Edward Ring, CEO of New Standard Equities. Prior ownership recently invested approximately $2 million in capital improvements and interior upgrades.
The Mark is within a mile of Interstate 880 and Highway 92, giving residents direct access to the Peninsula, Oakland and San Jose. The Hayward Bay Area Rapid Transit (BART) station, which brings commuters to San Francisco, Oakland and Fremont, is within 1.3 miles.