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Colliers Facilitates Sale of 53-Unit Apartment Complex in Pinole, California

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Massive demand in the Bay Area multifamily market sparks year-end transaction in low-velocity market

Pinole, Calif. February 5, 2022 – Leading diversified professional services and investment management company Colliers recently facilitated the sale of the Pinole Vista Apartments, an 87,375 square-foot multifamily community consisting of 13 buildings and 53 units in Pinole, California. The property, which is situated on a 1.04-acre parcel off San Pablo Ave at 801 Alvarez Ave, sold for a total of $15,400,000.

Senior Vice President Ryan Rodriguez and team lead of the Oakland office’s East Bay Multifamily Team, and Senior Associate Justin Krupp, represented both the seller and buyer, a private family trust.

"The Pinole Vista Apartments are an ideal multifamily offering that not only sends a clear message that the Bay Area market is continuing to rebound from the COVID-19 pandemic, but also shows the value in professionally renovated multifamily assets,” said Rodriguez.

The property recently underwent a $5 million renovation that included interior updates to each unit, new roofing and enhancement of exterior areas such as new walkways, French drainage and fencing. The new owners have the opportunity to invest in landscaping, community amenities, carports and adding additional units.

Pinole Vista Apartments were built in 1965 and offer a diverse unit mix ranging from studio to two bedroom units. The newly renovated units feature wood-like flooring, granite countertops, built-in cabinetry, in-unit washers and dryers, private decks and built-in ventilation systems.

Decreasing unemployment rates combined with climbing land prices have driven demand for well-maintained multifamily assets in the Bay Area market, especially in suburban markets such as Oakland, San Jose, Vallejo and Walnut Creek.

Krupp added, "The recent influx of capital to the Bay Area multifamily market has created a very competitive environment. Since Q2 of 2021, correctly priced listings have generated tons of interest from new investors and seasoned operators alike.”

 

Media Contact:

Solana Tanabe

Allison+Partners for Colliers Northern California

solana.tanabe@allisonpr.com

 

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 corporate.colliers.com, Twitter @Colliers or LinkedIn.



 

 


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Ryan Rodriguez

Senior Vice President

Oakland

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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Justin Krupp

Senior Associate

Oakland

Justin Krupp is a Senior Associate of the Multifamily Practice Group in the Oakland Office. Justin focuses on the sale of multifamily related assets in Alameda County with a specific focus on Southern Alameda County. Justin brings a deep sense of fiduciary duty to each transaction. He prides himself on apartment valuations and wealth building for his clients through intelligent, thoughtful and thoroughly analyzed deal structures.

Before joining Colliers International, Justin spent three years with TourFactory Bay Area, the nation’s leading provider of real estate virtual tours. He was responsible for agent training and product development and was also tasked with managing two of the top five contracts per volume in the nation, while cultivating and improving relationships and output from them both. His experience there gave him a strong grasp of real estate marketing as well as financial and data analysis which he brings to his work at Colliers International.

Justin graduated from the University of California, Santa Cruz with a degree in Biology. In his free time, Justin enjoys being outdoors and coaching little league baseball in Oakland.

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