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Berkadia® is a trademark of Berkadia Proprietary Holding LLC
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.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit www.berkadia.com/licensing.
CONTACT Us
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Jason Parr
Investment Advisors
Debt Advisors
Senior Managing Director
415 407 2106
jason.parr@berkadia.com
Brett Betzler
Senior Managing Director
415 981 1196
brett.betzler@berkadia.com
Clay Akiwenzie
Managing Director
775 447 0595
clay.akiwenzie@berkadia.com
Kaohu Berg-Hee
Senior Director
808 754 0033
kberghee@berkadia.com
Scott MacDonald
Managing Director
415 310 0487
scott.macdonald@berkadia.com
Durable Demand and Demonstrable Value-Add
Growing Population, Shrinking Supply
Tri Valley’s Business Climate Drives Strong Employment Growth
Compelling Value Proposition for Apartment Renters
Priced Below Replacement Cost
INVESTMENT HIGHLIGHTS
Tralee Village was delivered in 2011 and features 130 contemporary residences comprised of 1BR, 2BR, & 3BR units averaging 979 square feet. The Property provides an investor the opportunity to realize ±$330 per unit per month in market-supported upside through the completion of interior renovations.
Averaging ±95% occupancy since 2020 while competing with two communities in lease-up over the past 12 months, Tralee Village’s resident base has demonstrated substantially inelastic demand – allowing the Property to maintain elevated occupancy and consistently steady cash flows.
Given the Property’s strong historical operations and positive market-level fundamentals, Tralee Village is well-positioned to realize the +20% rent growth & 97% average occupancy projected through 2028, while offering investors additional upside through leasing office upgrades, common area renovations, and improved property management.
Tralee Village is a well-located, high-quality rental community largely insulated from future competition with zero projects planned and the submarket’s only property under construction already partially occupied and expected to be fully complete by the end of Q1 2024.
Immediately following Dublin’s state-leading 58% population increase from 2010 to 2020, the submarket lost ±1,200 market-rate units as private/public partnerships repositioned these communities as affordable housing.
Going forward, Dublin will experience magnified demand for modern, spacious and amenitized apartments due to no new units on the horizon, shrinking supply and projected population growth of 10,000+ new residents by 2033.
Over the trailing 90 days, average single-family home prices in Dublin have exceeded $1.75MM – translating to an exorbitant monthly payment of ±$12k and presenting a ±275% premium to Tralee Village’s average renovated market rents.
With expansive floor plans averaging nearly 1,000 square feet and 40% two- or three-bedroom floorplans, Tralee Village affords residents the ability to enroll their children in Dublin’s A+ rated public schools at a 75% discount to homeownership.
Benefitting from an amenitized mixed-use lifestyle with over 30,000 square feet of synergistic ground-floor retail*, residents are also within 1 mile of Safeway, Target, Sprouts, and CVS, and only a 10-minute drive from Stoneridge Shopping Center’s extensive catalog of over 165 shops and restaurants.
With a centrally accessible location, highly educated work force, and relatively affordable office rents, the Tri-Valley has successfully fostered homegrown startups into multimillion-dollar companies, such as Unchained Labs and 10X Genomics, while also preserving a diverse base of established world-class innovators including Workday, Oracle, Roche Molecular, Thermo Fisher Scientific, ADP, Stanford Healthcare, and Kaiser Permanente.
As the Tri-Valley is increasingly recognized as the Bay Area’s premier business ecosystem, Dublin’s highly-affluent median household income of ±$165k – with over 69% of residents holding a bachelor’s degree or higher – is expected to grow 33% to ±$220k over the next five years.
Conveniently situated at the intersection of I-580 & I-680, with close proximity to West Dublin/ Pleasanton BART, Tralee Village residents are also well-connected to leading employment hubs in Silicon Valley, San Francisco, Oakland, Berkeley, Walnut Creek, and the Peninsula.
The Opportunity
Berkadia is pleased to exclusively present the opportunity to acquire Tralee Village Apartments (“Tralee Village”, the “Property”, or the “Offering”), a 130-unit high-quality multifamily community with an infill location and strong rental upside. The Property is surrounded by innovative and growing companies including Oracle, Workday, ZEISS, Roche Molecular, Thermo Fisher Scientific, and 10X Genomics. Delivered in 2011 with expansive contemporary floorplans, Tralee Village presents the opportunity to realize ±$330 per unit per month in market-supported upside through the completion of interior updates. Residents benefit from enrollment into the local A+ rated public school district and proximity to the nearby nexus of I-680, I-580, and BART which provides direct access to the world-class employment hubs in Silicon Valley and San Francisco. With +95% average historical occupancy since 2020 and robust market fundamentals, Tralee Village is a rare low-risk investment with embedded upside in a preferred, business-friendly location.
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LOCATION
The Tri-Valley, comprised of Dublin, Pleasanton, Livermore and San Ramon, is home to industry-leading and world-renowned employers. The area’s diverse employment base has major technology, healthcare, professional services, and scientific research footprints. The global headquarters of Chevron and Workday are located in the Tri-Valley, while companies such as Oracle, Tesla, General Electric, SAP, Snowflake, TriNet, and Accenture have a significant presence.
The region’s depth of highly educated workforce talent continues to attract innovative companies. Biotechnology company 10X Genomics has made Pleasanton their corporate headquarters--with phase one of their new 381,000 SF campus recently completed. Additionally, ZEISS Meditec, industry leaders of scientific optics, made a significant expansion in the Tri-Valley with the opening of their 209,000 SF Innovation Center located in Dublin.
Tri-Valley: a Diversified & Thriving Economic Hub
John Hansen
Director
415 342 5772
john.hansen@berkadia.com
Sydney Ladrech
Senior Financial Analyst
916 677 6633
sydney.ladrech@berkadia.com
Matt McCrum
Senior Financial Analyst
415 272 2924
matthew.mccrum@berkadia.com
Brayden Joel
Financial Analyst
503 933 9284
brayden.joel@berkadia.com
Hank Workman
Associate Director
415 646 7713
hank.workman@berkadia.com
INVESTMENT SUMMARY
6599 Dublin Boulevard, Dublin CA 94568
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Tralee Village
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To be determined by market
To be determined
Free & clear of existing financing
Alameda
2011
3.87
168,625
114
130
Price
Bid Deadline
Terms of Sale
County
Year Completed
Site Size Acres
Site Size Square Feet
Total Residential Units
Market-Rate Units
16
BMR Units
979
Average Unit SF
127,292
Net Rentable Square Feet
$2,815
Average In-Place Rent
$2.81
95%
Occupancy
Average In-Place Rent/SF
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