LOS ANGELES, CA - Decron Properties Corp., a Los Angeles-based diversified real estate firm, acquired Bridgecourt, a 220-unit multifamily apartment complex with ground floor retail in Emeryville, CA in a deal valued at $87.4 million. The seller was a joint venture between Bascom Group and Carlyle Group.
The purchase boosts Decron Properties’ Bay Area portfolio to 650 units.
Built in 1998, the four-building complex is located at 1325 40th Street. The complex offers a mix of one- and two-bedroom units, ranging from 554 -1,179 square feet, with in-unit washer/dryer. Common area amenities include a pool, spa, sauna, outdoor BBQ with seating area, and a dog park.
Decron plans to complete a renovation program started by the seller, which included interior upgrades to 126 of the units featuring black/stainless steel appliances, quartz countertops, tile backsplash, new cabinet doors and drawers, and upgraded lighting. Decron also will perform additional upgrades to the common areas, complimenting the recently added dog park with a pet washing station, new landscape and hardscape improvements at the pool area, and a renovated fitness center and clubhouse. When completed, Bridgecourt will be able to compete with newer Class A properties in the area.
Located 15 minutes away from San Francisco, the complex is one of the first apartment communities after crossing the Bay Bridge into Emeryville and makes it an attractive option for professionals and families priced out of San Francisco’s rental market.
“We were attracted to this investment because of the diversity and runway of the demand drivers that exist there,” said Decron President and Chief Executive Officer David Nagel. “We believe the greatest demand comes from those looking for how much of San Francisco they can have without having to pay San Francisco prices or long commutes from cities like Concord or Fremont. In addition to being located in the center of the Bay Area triangle formed by San Francisco, Oakland and Berkeley, Emeryville also has reinvented itself into a vibrant corporate hub and prominent biotech cluster. It also boasts some of the most popular shopping and dining destinations in the East Bay.
In addition to being in close proximity to the Emeryville-based headquarters of Pixar Animation, Peet’s Coffee & Tea, LeapFrog Enterprises, MobiTV, Pandora and Novartis, Bridgecourt is within walking distance to the MacArthur BART station and Emeryville Amtrak station, providing easy access to all major Bay Area employment hubs. The property also is adjacent to the East Bay Bridge Retail Center, and nearby to the Public Market Emeryville redevelopment and the luxury lifestyle center Bay Street Emeryville.
Bridgecourt has an estimated 8,889 square feet of ground floor retail, which is 100 percent leased. Tenants include GameStop, Verizon Wireless, Weight Watchers and East Bay Veterinary Clinic.
Moran & Company represented both parties in the transaction.