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Thompson Dorfman Partners-Led Venture Sells Solaris Apts. Near Chabot College

Venture Nets $14 Million in Sale to Double Original Investment
October 27, 2016
San Francisco-based real estate development and investment firm Thompson Dorfman Partners (TDP) and equity partner BayNorth Capital out of Boston have sold Solaris Apts., a 68-unit complex located at 24661-24667 Amador St. in Hayward, CA, to a private trust for slightly more than $14.2 million, or about $210,000 per unit.

The selling venture doubled its investment after paying $7.1 million in 2008 for the garden-style community, later executing a $1.2 million value-add initiative between transactions that included a new controlled access gate system, updated exterior paint, new building signage, upgraded exterior lighting and unit interior upgrades.
“Through active ownership, we repositioned a poorly maintained and poorly managed 1960s-apartment building to provide quality and affordable workforce housing. There is a huge demand for this type of product in the Bay Area and we continue to look for similar opportunities," noted Bruce Dorfman, principal with TDP.

Solaris Apts. was constructed in 1962 near Chabot College, Southland Mall, Hayward Executive Airport and I-880 in the Santa Clara Multifamily submarket of East Bay. The complex is comprised of 52 one-bed/one-bath units that average 630 square feet and 16 two-bed/one-bath units that average 860 square feet.

Scott MacDonald and Ric Russell of Cushman & Wakefield's San Francisco office represented the selling venture. Tenny Tsai of Cushman & Wakefield's San Jose office represented the buyer.

For more information on this transaction, please refer to CoStar COMP #3739131.
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