The Grupe Company and Hanover Financial LLC acquired Palomar Terrace Apartments, a 150-unit garden style apartment community in Hayward, California.
Brokered by Jon Holmquist with Marcus and Millichap, the property was family-owned for the last 30 years and will be rebranded as The Mark.
The property will be Grupe’s eighth acquisition in Alameda County in the last two years.
“The Mark is one more step in our mission to invest in urban core location assets that provide high-quality housing to the residents”, said Bill Murphy, Vice President of Apartment Acquisitions for Northern California. “Bay Area housing prices have been growing faster than incomes, and when coupled with increased interest rates, this creates great opportunity for value-add multi-family investments.”
Grupe will implement substantial property renovations including upgrading apartment interiors and enhancing community amenities.
The Mark is located at 24650 Amador Street in Hayward, less than one mile to the Highway 92 and 580 traffic corridor and adjacent to Safeway, Starbucks, 24 Hour Fitness and Park Elementary School. The garden-style property is composed of one, two and three-bedroom apartments and is fully occupied.
The Grupe Company has developed over 12 master-planned communities, 50,000 homes and 12,000 apartment units.
Hanover Financial was formed in 1999 and provides joint venture equity to real estate operators to facilitate the acquisition, reposition and/or development of multifamily and single tenant properties. Hanover focuses its multifamily investments in core markets across the west coast.