A Cleveland-based real estate investment firm has made its first foray into the Bay Area multifamily market, picking up the 108-unit Hayden Martinez complex for $41.5.
The late-1980s-era five-acre Martinez complex acquired by CityMark Capital last sold in 2019 for just over $30 million, according to public records. The one- and two-bedroom units have been remodeled recently and common amenities include a pool, spa, clubhouse, dog park and onsite laundry. Formerly known as Haven Martinez, it is in the Vine Hill neighborhood of the Contra Costa city, close to onramps for I-680 and Route 4. Citymark’s statement noted that the commuter-friendly location was part of the appeal.
“We continue to see attractive multifamily investment opportunities and are excited about this opportunity for our investors,” said CEO Dan Walsh in a statement.
The seller was undisclosed.
The deal is CityMark Capital’s nineteenth multifamily purchase nationwide, including properties in Austin, Salt Lake City and Dallas in the fourth quarter of 2021. In 2019 it sold properties in Phoenix, Atlanta and Las Vegas for $138.8 million, or about half its of apartment fund assets at the time, according to Multihousing News.