CASTRO VALLEY, CALIF. — Berkadia has arranged the $35.5 million sale of The Cedars and Creekside Terrace, two neighboring, value-add multifamily properties located in the Northern California city of Castro Valley. Felson Cos., the original developer, sold the assets to San Francisco-based Prime Residential for $21.4 million and $14.1 million, respectively.
Jason Parr, Scott MacDonald and John Hansen of Berkadia San Francisco represented the seller in the deal, while Clay Akiwenzie and Hank Workman of Berkadia San Francisco provided financing for the buyer. The financing consists of a seven-year, fixed-rate Freddie Mac loan with full-term interest-only payments.
Located at 22240-22302 Center St., The Cedars features 83 one-, two- and three-bedroom apartments, two pools, an outdoor courtyard, fitness center and covered parking. Creekside Terrace, located at 22180 Center St., offers 52 one-, two- and three-bedroom floor plans, as well as a pool, dry sauna, outdoor courtyard, a fitness center and covered parking.