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2199 Bancroft Apartments in San Leandro Changes Hands For The First Time For $22.8 Million

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OAKLAND, CA (November 9, 2020) – Leading commercial real estate professional services and investment management company, Colliers International recently represented Pierron Properties, LLC in the sale of 2199 Bancroft Ave., an 87-unit apartment community located in San Leandro, California, to MC Investment Partners, LLC. 2199 Bancroft Apartments was put on the market for the first time since it was built in 1965 in March 2020 just at the outset of the pandemic, and closed escrow on October 27, 2020 for $22,800,000.

"The significant interest in 2199 Bancroft Apartments, especially at the outset of the pandemic in early March underscores the demand for well-located apartment properties of scale in desirable East Bay submarkets like San Leandro," said Colliers Senior Vice President, Rich Martini. "The highly diverse unit mix, underutilized common areas and ability to add value were significant drivers for investors."

"Demand for apartment buildings with higher than normal levels of vacancy has increased significantly since the implementation of statewide rent control and just cause eviction by virtue of the passage of Assembly Bill 1482," added Martini. "The buyer was very much in favor of the higher than normal levels of in place vacancy and occupancy when the property closed escrow."

2199 Bancroft Apartments is a 84,357 square-foot multifamily property with a diverse unit mix of one to four bedroom unit types. Sixty three percent of the total units contain two or more bedrooms. The previous owner completed some renovations on 15 units, allowing the buyer the opportunity to upgrade and add value to the 72 remaining units on the property. The apartments are situated on 1.86 acres of immaculately maintained property including beautifully landscaped grounds, serene private courtyard with meandering walkways, an indoor swimming pool and community recreation room.

Conveniently located in the East Bay, 2199 Bancroft Apartments is within minutes of downtown San Leandro and 1.5 miles away from the nearest BART station, connecting residents with the surrounding Bay Area, retail and employment opportunities.

Media Contact:
Solana Tanabe
Allison + Partners Northern California
ColliersNorCal@allisonpr.com


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Rich Martini

Executive Vice President

Walnut Creek

Area Of Specialization:

Rich is a Executive Vice President in Collier's Capital Markets Group.  He specializes in assisting clients with a wide array of investment requirements and strategies specific to apartment properties throughout both Alameda and Contra Costa Counties.  Rich has extensive experience advising private clients and investment groups on disposition and acquisition strategies, including advising on 1031 exchanges, as well as sourcing and marketing development sites for both market rate and affordable housing developers throughout the  greater Bay Area.  In addition, Rich has experience underwriting, marketing and selling residential subdivision land throughout Norhern Callfornia.

Career Background:

Rich Joined Colliers International after 4 years at Kilpatrick & Company, where his focus was working with apartment owners and investor clients to realize their multi-family investment objectives. In addition, Rich brings over 25 years of experience in the business and sports world to Colliers International. Prior to joining Kilpatrick & Company, Rich was the President/Managing Director of Velocity Sports Performance, a sports training company located in the Tri-Valley area. Prior to starting Velocity in February 2004, Rich founded San Leandro based Diamond Micro Solutions in 1982 and served as the CEO/President of this IT Systems Integration company until 2002.

Prior to his years with a technology start-up, Rich spent 5 years in the National Football League as a wide receiver for the Oakland Raiders and New Orleans Saints from 1977 – 1981. The highlight of his career includes an appearance in Super Bowl XV with the World Champion Oakland Raiders.
 

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