Prime Residential Acquires Multifamily Portfolio In Castro Valley From Felson Companies For $35.55M

The transaction involved a 135-unit multifamily portfolio located at 22240-22302 Center Street and 22180 Center Street in Castro Valley, CA. Prime Residential acquired the properties, named The Cedars and Creekside Terrace, for a total price of $35.55 million. The price per unit was calculated at $263,333.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $35,550,000
• Buyer: Prime Residential
• Seller: Felson Companies
• Brokers: Jason Parr, Scott MacDonald & John Hansen - Berkadia
• Lender: Freddie Mac
• Mortgage Brokers: Clay Akiwenzie & Hank Workman - Berkadia
• Units: 135
• PPU: $263,333

The deal was notable for being arranged by Berkadia, which handled both the sale and a seven-year Freddie Mac acquisition loan. The properties had been owned by the same developer for over 50 years and garnered significant interest from investors due to their value-add potential and limited multifamily supply in the East Bay.