MILL VALLEY, Calif. – Thompson | Dorfman Partners, LLC (TDP), a San Francisco Bay Area real estate development and investment firm, through its TDT Ventures (TDT) subsidiary, and equity partner, BayNorth Capital of Boston, announced today that the venture sold a 68-unit apartment community in Alameda County, Calif., for $14,268,000, representing $209,824 per unit; $307 per square foot. TDT purchased Solaris Apartments in 2008 for $7.1 million.
“On many levels, this project was very successful,” said Bruce Dorfman, principal with Thompson | Dorfman Partners. “Through active ownership, we repositioned a poorly maintained and poorly managed 1960s-apartment building to provide quality and affordable workforce housing. There is a huge demand for this type of product in the Bay Area and we continue to look for similar opportunities. Not only did we dramatically improve the property, which benefits our residents and the surrounding community, but we also exceeded our return metrics for our partners, even though we acquired the property just before the market meltdown in late 2008.”
According to Bob Talbott, co-founder of TDT Ventures, “Solaris Apartments is a great example of the type of well-located, value-add property that we look for in underserved markets. We spent a little more than a million dollars in making significant property improvements including a new controlled access gate system, updated exterior paint, new building signage, upgraded exterior lighting, replacement of air-conditioning units, and the renovation of unit interiors.”
The garden low-rise apartment community is comprised of 52 630-square-foot one-bedroom, one-bath units and 16 860-square-foot two-bedroom, one-bath units. Some of Solaris Apartments’ amenities include a pool and well-landscaped courtyards on approximately two acres.
Located at 24661 Amador Street in Hayward, Solaris Apartments offers convenient access to the major job centers in the Bay Area and is blocks from Interstate 880, which also provides a direct connection to the Peninsula office market via the San Mateo Bridge. The property is approximately one-and-a-half miles from the Hayward BART Station. Safeway, Walgreens, Taco Bell, 24 Hour Fitness, and many other neighborhood retailers are located adjacent to Solaris, and the property is a short drive to Cal State Hayward and Chabot College.
“This is a great location for students and workers that want easy access to I-880 and/or BART plus all of the amenities that this walkable neighborhood has to offer,” said Talbott.
Cushman & Wakefield Vice President Scott MacDonald and Senior Managing Director Ric Russell, both located in the firm’s San Francisco office, represented the seller, TDP and TDT, and the buyer, a local private investor.
About BayNorth Capital, LLC
BayNorth Capital LLC is a real estate investment firm with a seasoned team of professionals. Based in Boston, the firm was formed in 2004 as a spinout of the real estate investment group from Charlesbank Capital Partners, LLC and Harvard Management Company. BayNorth typically pursues value-add investments alongside entrepreneurial operating partners who are experts in their respective markets. The firm primarily focuses on multifamily, office, retail, and senior housing properties in major US metropolitan areas. To date, the BayNorth team has invested over $2.0 billion of equity capital on behalf of clients that include major institutions, endowments, and foundations.
About Thompson | Dorfman Partners, LLC (TDP)
Thompson | Dorfman Partners, LLC (TDP) is a real estate development and investment firm whose principals have a long history in California’s housing industry. Formed in 1999 by Will Thompson and Bruce Dorfman, TDP focuses on multi-family residential development, with particular emphasis on well-sited, urban in-fill and mixed-use properties located in high-growth, technology-driven markets in the State. The principals of TDP are 30+ year veterans in their industry with a reputation for quality and a track record of performance. Collectively, they have developed over 15,000 multi-family homes in 45 California apartment and condominium communities. They also provide development advisory, management, and investment expertise to corporate land owners and financial institutions.
Media Contact
Company Name: Thompson | Dorfman Partners, LLC
Contact Person: Anne Monaghan / Monaghan Communications
Email: anne@monaghanpr.com
Phone: (415) 381-3001
City: Mill Valley
State: CA
Country: United States
Website: http://www.thompsondorfman.com