A pupil housing growth totaling 87 models at 2590 Bancroft Ave. in Berkeley, idea. A Berkeley pupil housing growth is pushing forward following the acquisition by an alliance of veteran actual property companies of a alternative university-area web site.
BERKELEY — A Berkeley pupil housing growth is pushing forward following the acquisition by an alliance of veteran actual property companies of a alternative university-area web site.
The property for the proposed Berkeley housing growth has been purchased by a gaggle led by Core Areas and Harrison Avenue Actual Property, in accordance with company enterprise filings posted in December 2021 and paperwork filed this 12 months with the Alameda County Recorder’s Workplace.
The brand new homeowners paid $21.5 million for the property, the county paperwork, which have been filed on Jan. 31, present.
Core Areas builds pupil housing, typical house buildings and single-family houses. Harrison Avenue Actual Property focuses totally on pupil residences and senior housing. Each corporations are based mostly in Chicago.
Performing via an affiliate, the brand new homeowners additionally obtained a mortgage of $11.8 million from Busey Financial institution on the time of the transaction to assist finance the acquisition.
Core and Harrison Avenue intend to develop an 87-unit pupil housing mission, in accordance with paperwork on file with Berkeley metropolis officers. An present industrial constructing could be bulldozed for the housing.
CBRE, a industrial actual property agency, organized the property transaction. Keith Manson, Zachary Greenwood and Mac Watson with CBRE’s Oakland workplace represented the vendor, Ruegg and Ellsworth.
“2590 Bancroft Means is a perfect pupil housing growth alternative,” stated Watson, a CBRE affiliate. “It's shovel-ready, with permits in place, and a location in one of the crucial supply-constrained pupil housing markets in the complete nation.”
The proposed growth options an eight-story constructing with ground-floor retail and a rooftop terrace.
With a return to in-person studying at UC Berkeley, an enormous leap in demand for pupil housing has materialized within the East Bay metropolis.
“With surging rents and restricted future provide within the pipeline, Berkeley will stay one of the crucial steady and engaging pupil housing markets within the nation,” stated Manson, a CBRE senior vice chairman.