309 Springfield Drive, San Ramon, CA 94583

Executive Summary

Berkadia exclusively presents the opportunity to acquire Bridges at San Ramon (“Bridges” or “the Property”), a 200-unit garden-style community with 96% of units in classic condition and situated immediately adjacent to Bishop Ranch, the East Bay’s most dynamic microlocation. Benefiting from over $2.3 million in recent capital improvements, Bridges at San Ramon is an exceptionally maintained asset generating durable cash flows while offering the potential to capture ±$925,000 in annual income upside through a comprehensive interior renovation program. With zero new units delivered in San Ramon since 2000, the Property’s future performance is supported by this fundamental rental supply imbalance and a significant barrier to homeownership driving durable, long-term renter demand.

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Price

To be determined by market  

Bid Deadline 

To be announced 

Terms of Sale 

Free & clear of existing financing  

Address 

309 Springfield Drive, San Ramon, CA 94583 

County 

Contra Costa 

Year Completed  

1988

Site Size Acres 

10.39 

Site Size SF  

452,588 

Total Residential Units 

200 

Average Unit SF

739 

Net Rentable Square Feet

147,720 

Average In-Place
Rent

$2,563 

Average In-Place Rent/SF

$3.47 

INVESTMENT HIGHLIGHTS

01

Rare San Ramon Multifamily Offering with Durable Cash Flows & Renovation Upside 

  • Bridges at San Ramon delivers stable cash flows secured by robust T12 operations including +95% average occupancy and essentially no bad debt alongside ±3.10% in average effective rent increases on renewals.
  • With $2.3 million in capital improvements since 2021, Bridges at San Ramon allows investors to acquire a well-maintained asset with minimal near-term capital expenditure requirements, while benefiting from the opportunity to capture ±$925,000 in annual renovation upside through the completion of the remaining 192 interior renovations, or 96% of units.
  • Offered to the market for the first time in 15 years, Bridges at San Ramon represents the rarest of multifamily acquisition opportunities positioned within one of the Bay Area’s most affluent locales with zero units delivered since 2000 and only three transactions since 2005.
02

The East Bay’s Most Dynamic Microlocation   

  • Neighboring a Trader Joe's, Sports Basement, Starbucks, and an array of restaurants, Bridges at San Ramon is also immediately adjacent to Whole Foods and City Center Bishop Ranch – the region’s premier retail and dining destination featuring The Slanted Door, Delarosa, Social Affair, Roam Artisan Burgers, Mendocino Farms, Fieldwork Brewing, Philz Coffee, Equinox, Pottery Barn, West Elm, Williams Sonoma, Anthropologie, and Madewell, in addition to concerts, weekly farmers markets, trivia nights, and culinary events.
  • Bridges at San Ramon’s unparalleled location is directly adjacent to Bishop Ranch, currently home to high-paying employers such as SAP, Cloud Software Group, John Muir Health, AT&T, PG&E, Five9, and Robert Half, and set to include five million square feet of Class A office space upon completion of its extensive modernization.
  • As of the latest available data, Bishop Ranch’s post-pandemic recovery outpaced both San Francisco and Silicon Valley while underscoring the shift toward hyper-local living and work, as the only place in the Bay Area where walking to work has increased by double digits since 2019 and commutes of less than 10 minutes have increased by more than 28%.
03

Outstanding Multifamily Housing Fundamentals

  • With San Ramon’s median single-family home price of over $1.5 million translating to ±$10,000 in monthly housing costs, homeownership remains cost prohibitive despite the city’s exceptional median household income of over $200,000.
  • Surrounded by a static multifamily inventory featuring zero market-rate deliveries since 2000 and only one property currently under construction, Bridges at San Ramon delivers an exceptional housing value proposition within one of the Bay Area’s most sought-after suburban communities with renovated market rents that shelter residents from 70% of local monthly ownership costs.
04

#1 “Quality of Life in the U.S.” & #1 “Place to Live in Contra Costa County”  

  • Recently recognized for its nation-leading quality of life on the U.S. Social Progress Map, San Ramon also ranks as the top place to live in Contra Costa County per Niche.com, delivering an idyllic suburban lifestyle complete with A+ rated public schools, safe neighborhoods, a central location with convenient connectivity, over 60 parks and open spaces, direct access to Iron Horse Regional Trail, and anchored by the modern open-air retail hub at Bishop Ranch’s City Center.
  • San Ramon’s population is expected to grow by more than 8% over the next 10 years – by far the largest projected gain of any city in the Tri-Valley and along the affluent I-680 corridor – while average household incomes are projected to climb 43% through 2030.

LOCATION

CONTACT US

Investment Sales

Jason Parr 
Senior Managing Director 
(415) 407-2106 
[email protected] 
CA DRE #01323188 

Scott MacDonald 
Managing Director 
(415) 310-0487 
[email protected] 
CA DRE #01422005 

John Hansen 
Director 
(415) 3142-5772 
[email protected] 
CA DRE #02078357 

Sydney Ladrech 
Associate 
(916) 677-6633 
[email protected] 
CA DRE #02126658 

Kaohu Berg-Hee 
Senior Director 
(808) 754-0033 
[email protected] 
CA DRE #01986886 

Brett Betzler 
Senior Managing Director 
(949) 981-1196 
[email protected] 
CA DRE #01330214 

Mortgage Banking

Clay Akiwenzie 
Managing Director 
(775) 447-0595 
[email protected] 
CA DRE #01908942 
 

Hank Workman 
Director 
(415) 646-7713 
[email protected] 
CA DRE #02099264 

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309 Springfield Drive, San Ramon, CA 94583

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Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage company business in Nevada.
 

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