East Bay apartment complex hits the market for $500,000 per unit

28955 Mission Blvd at Hayward and Joel Kelly (Google Maps, LinkedIn)

A 52-unit multi-family property in Hayward’s East Bay municipality is coming on the market for $500,000 per unit, a jump from its pre-pandemic price and well above recent multi-family transactions in Oakland and San Francisco.

Lakeview Land Partners, an Oakland-based private investment firm, is marketing Mission Bay Village apartments at 28955 Mission Boulevard for $26 million, up from $18.5 million paid in 2019. The complex is approximately two miles from the California State campus. University-East Bay and about three miles from a BART station.

Lakeview appears poised to capitalize on East Bay’s relatively strong multi-family housing market, which has followed national trends in rising average rents, while San Francisco and San Jose have lagged behind. Average monthly rent in Alameda County — the heart of the East Bay and home to Hayward — hit $2,197 per unit in the first quarter, up 6% from a year earlier. According to a report by Cushman and Wakefield.

“Even with the large construction pipeline, effective rents are likely to remain high as most of these deliveries will be in the more expensive markets and in trophy assets,” the report said.

Demand on the Mission Bay Village complex is more than double a recent multi-family sale in downtown Oakland where rent control is dampening prices, and well above the listing price on what is billed as a “trophy complex” in San Francisco. Mission Bay Village is also aiming high in the Hayward submarket, where the 208-unit Austin Commons complex closed for $345,000 per unit in February. The property is approximately three miles from Mission Bay and is closer to the BART station and the state of California. East Bay.

Mission Bay sits on 2.85 acres and contains a mix of one bedroom, two bedroom and townhouse units. Monthly rents range between $2,350 and $3,150 at the resort, where units range between 1,028 and 1,495 square feet, according to apartments.com. Units have been designed with “condominium style” amenities including dishwashers, wood-burning fireplaces, in-unit washer/dryer, forced-air heating, private decks and balconies, and double-glazed windows , according to the website. Each unit also has an attached private garage.

Lakeview has remodeled the interior common areas of the building and many of its units over the past three years.

“We are delighted to purchase this beautiful property in South Hayward and the stunning neighborhoods that surround it,” said Joel Kelly, Lakeview’s managing partner, at the time of purchase. “The location of the property and the architecture of the building will continually attract students and professionals as tenants, and we plan to improve on what already exists.”

Lora M. Andrew