Blake at Berkeley Sale Hits Record-Setting Bay Area Price

Gemdale USA recently sold Blake at Berkeley, a newly developed 84-unit multifamily community at 2033 Blake St. in Berkeley. The unidentified buyer acquired the multifamily asset for $66 million, equating to a price of approximately $1,185 per net rentable per square foot or $785,700 per unit.

“The sale of this property at a record-setting Bay Area price further boosts the prospects for our continued success,” says Stew Cedarleaf, managing director, acquisitions for Gemdale USA Northern California. “We look forward to redeploying the proceeds from this sale into other development sites across our target markets.”

The property consists of a single five-story building totaling 55,703 square feet. Completed this month, Blake at Berkeley comprises 32 studios, 34 one-bedroom units, 16 two-bedroom units and two live-work units.

Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech with Cushman & Wakefield in Northern California represented the seller in the transaction.

“Blake at Berkeley is a brand-new institutional quality apartment community situated in one of the nation’s best Opportunity Zones,” said Parr. “Offering renters a high-end and convenient living experience, the location provides residents with seamless connectivity, walkable to one of the world’s top public universities in UC Berkeley, the city’s thriving downtown and one of the nation’s premier life science hubs featuring a growing base of over 150 world-class biotech employers.”