A 52-unit multifamily property in the East Bay municipality of Hayward is hitting the market for $500,000 per-unit, a jump from its pre-pandemic price and well above recent multifamily deals in Oakland and San Francisco.
Lakeview Land Partners, an Oakland-based private investment firm, is putting Mission Bay Village Apartments at 28955 Mission Boulevard on the market for $26 million, up from $18.5 million it paid in 2019. The complex is about two miles from the campus of California State University-East Bay and about three miles away from a BART station.
Lakeview appears to be poised to capitalize on the East Bay’s relatively strong market for multifamily, which has notched kept up with nationwide trends on gains in average rents while both San Francisco and San Jose have laggged. The average monthly rent in Alameda County––the core of the East Bay and home to Hayward––hit $2,197 per-unit in the first quarter, up six percent from a year earlier. East Bay Rents vacancies are dropping, too, finishing the first quarter at 5.2 percent, compared to 7.4 percent a year earlier, according to a report by Cushman and Wakefield.
“Even with the significant construction pipeline, effective rents are likely to remain elevated as most of those deliveries will be in the more expensive markets and within trophy assets,” the report said.
The ask on the Mission Bay Village complex is more than double a recent multifamily sale in Downtown Oakland where rent control puts a damper on prices, and well above the listing price on what’s billed as a “trophy complex” in San Francisco. Mission Bay Village also aims high within the Hayward submarket, where the 208-unit Austin Commons complex closed for $345,000 per unit in February. The property is about three miles from Mission Bay and is closer to the BART Station and California State- East Bay.
Mission Bay sits on a 2.85-acre lot and contains a mix of one-bedroom, two-bedroom and townhouse units. Monthly rents are between $2,350 and $3,150 at the complex, where units range between 1,028-1,495 square feet, according to apartments.com. The units were designed with “condominium-style” amenities featuring dishwashers, wood-burning fireplaces, in-unit washer/dryer, forced air heating, private patios and balconies and dual glazed windows, according to the site. Each unit also has an attached private garage.
Lakeview remodeled the building’s interior common areas and many of its units over the past three years.
“We are thrilled to be buying this beautiful property in South Hayward and the great neighborhoods surrounding it,” Joel Kelly, managing partner at Lakeview, said during the time of the purchase. “The property location and building architecture will continually draw students and professionals as tenants, and we plan to improve on what is already there.”
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