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60-Unit Multifamily Apartment Community in San Leandro Trades for $16.1M


Value-add multifamily properties in mid-markets are snapped up by investors

San Leandro, Calif. December 1, 2021 – Leading diversified professional services and investment management company Colliers has facilitated the sale of a 50,796 square-foot multifamily apartment community situated on 3.2 acres in San Leandro. The sale was finalized on October 27, 2021 for $16,100,000.

The seller and buyer were represented by Colliers’ Senior Vice Presidents Ryan Rodriguez and Vice President Gavin McDowell. The seller consisted of a group of owners who had been in posession of the property for over 50 years. The buyer is FPA Multifamily LLC, a real estate operating company focused on the acquisition, renovation and management of both core plus and work force housing apartment communities. Given the interest for value-add investment opportunities, Rodriguez and McDowell were able to procure a buyer in 45 days. At the time of the sale, fifty of the apartments’ 60 units were leased at 83.3% capacity.

“We are currently in a once in a generation market,” said Dowell. “The inventory of multifamily investments are in short supply and yet we continue to see significant demand in the mid-market space. Given the lack of value-add opportunities in the Bay Area we can expect to see cap rates compress as investors look for quality assets.”

The exodus of renters from urban city centers to suburban areas in the past year and a half has highlighted a growing need for housing in areas like southern Alameda County that have absorbed these individuals. The buyers have multiple opportunities to add value to the property and transform it into a high-performing Class B asset that addresses this growing trend. Of these opportunities is a .96-acre undeveloped parcel adjacent to the property that is zoned for the addition of 20-25 Type V units. This addition would increase the current unit count by 30 percent, an unprecedented amount for the Bay Area. Furthermore, the apartments’ address at 2100 Miramonte Avenue is situated in an unincorporated area of Alameda County that excludes it from local rent control ordinances.

The asset, called Saratoga Apartments, is a low-rise apartment building spanning three-stories that was originally built in 1965. Two-bedroom, two-bathroom units make up the majority of the apartments’ unit mix. Other units offered include 16 one-bedroom, one-bathroom units and three three-bedroom, two-bathroom units. All units feature their own private balcony or patio. Also located within the expansive, lushly landscaped property are 98 parking spaces, a swimming pool with deck seating, on-site laundry and storage. Under three miles away from the apartments are a host of amenities in Castro Valley including the newly built Eden Medical Center, Castro Village Shopping and Dining, Castro Valley BART, Lake Chabot Regional Park.


Media Contact:

Solana Tanabe

Allison+Partners for Colliers Northern California


About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 26 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.6 billion ($4.0 billion including affiliates) and $46 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at, Twitter @Colliers or LinkedIn.

About FPA Multifamily
FPA Multifamily, LLC is a real estate operating company focused on the acquisition, renovation and management of both core plus and work force housing apartment communities. Founded in 1985, FPA has owned over 133,000 apartment units valued at over $17 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VII which will acquire approximately $3.0 billion of assets and its core-plus focused FPA Core Plus Fund V which will acquire approximately $1.9 billion of assets. Headquartered in San Francisco, FPA also has offices in Atlanta, Chicago, Dallas, Denver, Irvine and Washington DC. For more information, please visit



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Ryan Rodriguez

Senior Vice President


Ryan Rodriguez is a Senior Vice President and Team Lead of the Multifamily Practice Group in the Oakland Office. Ryan and his team specialize in the disposition & acquisition of multifamily investment properties throughout the Bay Area. Their practice focuses on existing multifamily assets, land development opportunities and mixed-use assets. Ryan brings over 19 years of real estate brokerage experience to assist his clients in achieving their objectives and has personally brokered over $350 million of various asset types. He is responsible for mentorship and broker development and has 10 years of sales training experience.

Ryan and his team are committed to providing the highest level of brokerage services available while bringing unquestionable ethics to each of their transactions. Their core value principle is to provide their clients with in depth market knowledge, detailed underwriting & analysis and access to a deep network of highly qualified professionals across various real estate related disciplines.

“I consider myself a steward of my clients’ capital and always seek to give structured options to each assignment.”

In his free time, he enjoys reading, coaching his children's sports teams, and involvement in youth mentorship programs. 

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Gavin McDowell

Senior Vice President


Gavin McDowell is a Vice President of the Multifamily Practice Group in the Oakland Office. Gavin brings over 17 years of Real Estate experience and has worked on both the brokerage and principal side. His primary focus is institutional multifamily sales in the greater Bay Area.

Gavin spent over 7 years working for a prominent national multifamily developer. His responsibilities included underwriting, cost management, asset management, debt underwriting, and budget forecasting to analyze future portfolio cash flows and returns. He has worked on over $1.4B of acquisitions, dispositions and development assignments. Prior to working on the principal side, Gavin spent six years at Marcus and Millichap where he focused primarily on multifamily investment sales. Gavin brings a unique perspective of working on the principal side to Colliers International.

Gavin holds a BA from Claremont McKenna College and received his MBA from the Owen Graduate School of Management at Vanderbilt University. In his free time, he loves to golf and spend time with his family.

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