Marshall Boyd and his team at Interstate Equities were excited to finally close on Alpine Apartments in Hayward after nearly 18 months of persistence and patience. It was a long time coming after a roller coaster ride of hurry up and wait, back and forward and finally jamming to get it done by year end. The deal caps a year where IEC has been on a tear with multiple acquisitions in California.
The 57 unit complex built in 1964 and 1987 sold for $6.5 Million at a 6.5 Cap.
Alpine Apartments was of particular appeal not only because of the condition and location of the property but also the fact that is was in the non-incorporated area of Hayward and therefore outside of rent control and lower utility costs.
Buyer was represented by Tony Brettkelly of Latitude 38 Group and seller by Ben Marcus of CBRE.
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