SAN FRANCISCO, CA - CBRE has arranged $31.5 million in refinancing for Aquatic Shattuck, a newly constructed luxury apartment community in Berkeley, Calif., on behalf of the developer, R&S Investments. Andrew Behrens, Jesse Weber and Scott Williams with CBRE Capital Markets’ Debt & Structured Finance group in San Francisco arranged the 10-year, full-term, interest-only loan with a sub-3% rate through a life insurance company.
Located at 2640 Shattuck Avenue, Aquatic Shattuck is a six-story building containing 78 units with studio, one-, and two-bedroom floorplans. The average apartment size is 685 sq. ft. The property includes 1,900 sq. ft. of ground floor retail space across three suites, currently being marketed for lease. The location is a few blocks from the University of California-Berkeley and downtown Berkeley.
The building was completed in the spring of 2021 and began pre-leasing, with the first tenants taking occupancy in June. The property reached full occupancy just two months later in August 2021.
“Aquatic Shattuck leased up incredibly quick. Residents appreciate the luxury amenities and the location within walking distance to some of Berkeley’s best shops and restaurants,” said Mr. Weber, vice chairman, CBRE.
The Berkeley multifamily submarket is one of the largest in the East Bay metro area, with more than 16,000 units. Renters make up approximately 60 percent of Berkeley households, compared to 40 percent for the East Bay as a whole.
The U.S. multifamily market saw record levels of demand in the third quarter of 2021, according to CBRE research. With 251,500 units absorbed between July and September, the market is easily outpacing available supply, pushing national multifamily vacancy rates to a record low 2.9 percent.