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Colliers Completes Sale of 41-Unit Apartment Community in Hayward


Transaction reflects renewed confidence and rebound of multifamily sector

OAKLAND, CA (May 6, 2021) – Leading real estate professional services and investment management company Colliers recently facilitated the sale of a 41-unit apartment building called Terrace Towers in Hayward. The property closed escrow on April 8, selling for $8,990,000. Colliers’ Senior Vice President Ryan Rodriguez and Vice President Gavin McDowell represented both the buyer and seller.

“We are just now starting to see the uncertainties that loomed over 2020 clear with a return of investor confidence and a stronger demand for multifamily assets,” said Rodriguez.

Rodriguez added, “This was a unique asset in that it was 50% vacant at the time of the sale and traditional debt sources were not available. Despite all this, we received half a dozen offers and were under contract within a few weeks of marketing the property.”

Terrace Towers is a low-rise, three-story apartment complex in Hayward Hills, California. Originally built between 1961 and 1962, the building is comprised of 28 one-bedroom, one-bath units and 13 two-bedroom, one-bath units. The property’s onsite amenities include a swimming pool, future controlled access, 52 parking spaces and laundry facilities.

The ubiquity and proven productivity of remote work have resulted in a mass migration from Northern California’s urban centers to more suburban areas. Five of the top thirteen largest multifamily transactions completed in the second half of 2020 in the Northern California region occurred in the Sacramento area. Compared to the San Francisco and San Jose submarkets, which posted double digit annual rent decreases and significant occupancy loss, secondary markets like Sacramento, Stockton and Modesto saw modest increases in rent and sales. Even with a readily available vaccine supply, the affordability and lower density of suburban markets will be a continued area of interest among investors and renters.

About Colliers International
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 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.

Media Contact:
Solana Tanabe
Allison + Partners Northern California



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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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