PLEASANTON, CALIF. — JLL Capital Markets has arranged the $248 million sale of Park Hacienda, a 540-unit apartment community within the Hacienda Business Park in Pleasanton, about 30 miles north of San Jose. Equity Residential (NYSE: EQR) sold the property to Acacia Capital Corp.
The garden-style community is situated on 24 acres at 5650 Owens Drive. Originally completed in 2000, the property has been partially renovated and features one-, two- and three-bedroom floor plans averaging 998 square feet. Renovated units feature stainless-steel appliances, full-size washers and dryers, and personal patios with storage. Community amenities include two swimming pools, a fitness center, covered parking and direct public park access.
Scott Bales, Peter Yorck, Nolan Moore and Max Machiorlette of JLL represented the seller. The sales price of $459,000 per unit makes it one of the largest single-asset, value-add, multifamily sales in Bay Area history, according to JLL.
Chicago-based Equity Residential is a publicly traded real estate investment trust focused on the acquisition, development and management of rental apartment properties. The company owns or has investments in 309 properties consisting of 79,962 units, primarily located in Boston, New York, Washington D.C., Seattle, San Francisco, Southern California and Denver. Equity’s stock price closed at $79.93 per share Tuesday, March 10, up from $74.44 one year ago.
Since its founding in 1992, San Mateo, Calif.-based Acacia Capital has acquired real estate debt and equity interests with an aggregate cost in excess of $5 billion. The company focusses on residential assets.
— Kristin Hiller