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Union City Apartments Trade at Sub-4% Cap Rate
Transwestern Real Estate Services (TRS) brokered the sale of Summerhill Place Apartments, a 60-unit apartment building in Union City for $15 million. Shivu Srinivasan, senior director at Transwestern, brokered the deal between the undisclosed seller and Interstate Equities Corporation.
“We received significant interest in Summerhill Place Apartments, with multiple offers at full price,” said Srinivasan. “The interest was well warranted, as the property presents a terrific opportunity for the new owner, with the acquisition price of $250,000 per unit in the Inner Bay representing a very appealing basis.”
He added, “We were able to land on an in-place cap rate of sub-4% on the transaction, which is very rare in this market with interest rates hovering in the mid-6% range.”
Located at 3900 Horner St. in Union City, Summerhill Place was built in 1986 and acquired by the private seller in 1993.
- ◦Sale/Acquisition
