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OPPORTUNITY
OPPORTUNITY TO CONVERT A TROPHY HIGH-RISE EXTENDED STAY HOTEL ACROSS THE STREET FROM UC BERKELEY TO CLASS “A” STUDENT HOUSING.
Center Steet Berkeley (the “Property”) is a newly constructed extended-stay hotel that opened in November 2021 under Marriott’s category-leading Residence Inn brand. The property is comprised of 331 all-suite guest rooms, each including a full kitchen and bathroom, making the project an ideal candidate for luxury student housing. The property features a 98 Walk Score located less than one block from the UC Berkeley campus, steps from the Downtown Berkeley BART Station, and surrounded by dozens of restaurants, bars, retailers, bookstores and other student-serving amenities on Shattuck Avenue.
BEST-IN-CLASS PRODUCT EXECUTION FEATURING THE MOST EXPANSIVE SET OF COMMON AREA AMENITIES IN THE MARKET.
At 16 stories, Center Street Berkeley is the third tallest building in Berkeley featuring LEED Gold construction and market-leading design finishes. The property will offer the most expansive set of common area amenities among all student assets in the Berkeley market featuring the tallest rooftop restaurant and outdoor terrace in the entire East Bay with panoramic views of the Berkeley Hills, UC Berkeley campus and San Francisco Bay. Other amenities include a fitness center, business lounge, 1,250 sf private dining room, and 7,800 sf of meeting space that can either be programmed as amenity space or converted to additional units.
Severe on-campus housing shortage with enrollment over 45,800 Students
As of Fall 2024, there were 33,070 undergraduate students and 12,812 graduate students at UC Berkeley, representing a 40% increase in enrollment over the past 20 years. Since 2005, international enrollment has increased by 175%, with 7,355 international students now forming a strong cohort of Class “A” student renters. With only about 11,330 on-campus beds, UC Berkeley remains one of the most competitive student housing markets in the country where traditional campus housing is only guaranteed to incoming freshman and Fall transfer admits, putting enormous pressure on student rents as the vast majority of sophomore, junior, senior and graduate students must secure off-campus housing each year.
BERKELEY CITY COUNCIL PASSES ORDINANCE REQUIRING APPRENTICESHIP PROGRAMS AND HEALTH CARE COVERAGE FOR ALL DEVELOPMENTS OF AT LEAST 50,000 SQUARE FEET
The recently approved HARD HATS Ordinance (which stands for Helping Achieve Responsible Development with Healthcare and Apprenticeship Training Standards), sets a new labor standard by requiring contractors and subcontractors to provide apprenticeships and health care coverage for all workers of large construction projects in Berkeley. The ordinance took effect at the start of 2024 and will apply to projects of 50,000 square feet or more, which roughly translates to a 25-unit apartment building. Initial estimates are that the ordinance will increase construction costs by as much as 30% to 50%, and almost certainly have a stifling effect on new housing projects.
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Detroit Office
28411 Northwestern Highway, Ste 300
Southfield, MI 48034
248.646.7701
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1 Post Street
Suite 1000
1000 San Francisco, CA 96104
415.646.7700
Chicago Office
125 South Wacker Drive, Ste 400
Chicago, IL 60606
312.845.8500
Investment SALES
Brandon Buell
Senior Managing Director
346.444.8982 | brandon.buell@berkadia.com
Kevin Larimer
Senior Managing Director
248.341.3305 | kevin.larimer@berkadia.com
INSTITUTIONAL SOLUTIONS
Brett Betzler
Senior Managing Director
949.981.1196| brett.betzler@berkadia.com
KAOHU BERG-HEE
Senior Director
808.754.0033 | kaohu.berg-hee@berkadia.com
Jason Parr
Senior Managing Director
415.835.9205 | jason.parr@berkadia.com
Scott MacDonald
Managing Director
415.310.0487 | scott.macdonald@berkadia.com
Mortgage BanKING:
Aaron Moll
Peter Benedetto
Senior Managing Director
248.208.3462 | peter.benedetto@berkadia.com
Managing Director
248.208.0529 | aaron.moll@berkadia.com
Steve Skok
Managing Director
312.845.5164 | steve.skok@berkadia.com
TREVOR FRIDAY
Associate Director
248.341.3307 | trevor.friday@berkadia.com
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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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