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Cityview Acquires Bay Area Multifamily Project

Written by Customer Service on . Posted in Mergers And Acquisitions.

Tralee Village Apartments features fast-growing location, strong historical occupancy

DUBLIN, Calif., June 20, 2024 (GLOBE NEWSWIRE) — Cityview, a premier multifamily investment management and development firm, has acquired Tralee Village Apartments in Dublin – California’s fastest growing city. The three-story, 130-unit multifamily project is spread across two buildings and sits above more than 30,000 square feet of curated ground-floor retail, including eateries and service-focused shops.

“Tralee Village was a prime opportunity to acquire a well-located, high-quality asset in a highly sought-after submarket that has experienced significant population and employment growth since the pandemic,” said Sean Burton, CEO of Cityview. “With a 95% average historical occupancy and robust market fundamentals, Tralee Village fits squarely in our strategy of acquiring communities in supply constrained markets with high barriers to entry at significantly below replacement cost.”

Originally built in 2011, the community offers spacious one-, two- and three-bedroom floorplans featuring open concept layouts, in-unit washers and dryers, granite countertops, USB outlet ports, modern custom-wood cabinetry in two styles, central heat and air, large closets, 9-foot ceiling heights and stainless-steel appliances. Select units also feature vaulted ceilings, floor-to-ceiling windows and large balconies.

Cityview is planning a comprehensive renovation of the interiors and common areas, including new unit flooring, lighting, kitchen and bathroom countertops and accessories.

Tralee Village residents have full access to community amenities including ground-floor retail, a resort-style pool and spa, high-end fitness center, clubhouse, business center, courtyard and BBQ area, playground, parcel lockers, bike storage and ample garage parking.

Located at 6599 Dublin Boulevard, Tralee Village is ideally located in the Tri-Valley, which is increasingly recognized as the Bay Area’s premier business ecosystem. Its centrally accessible location, relatively affordable office rents and highly educated workforce continues to attract innovative start-ups and well-established companies including 10X Genomics, Chevron, Workday, Oracle, Tesla, General Electric, SAP, Snowflake, TriNet and Accenture.

Combining urban conveniences with suburban comforts, Dublin is located just 35 miles east of San Francisco and features highly rated public schools, 24 community parks, nearly 800 acres of open space and a wide array of cafes, restaurants and shops. The city is currently undergoing a vast mixed-use and pedestrian-oriented transformation as the Downtown Dublin Preferred Vision comes to fruition.

“With a 58% population increase from 2010 to 2020, and 10,000+ new residents expected by 2033, Dublin’s multifamily market is experiencing growing demand and shrinking supply, making this a prime area for investment,” added Burton. “We look forward to reimagining Tralee Village and elevating its design, finishes and amenities to rival new Class A communities.”

Conveniently situated at the intersection of I-580 and I-680, Tralee Village residents have easy access to the West Dublin/Pleasanton BART station as well as the nearby employment hubs of Silicon Valley, San Francisco, Oakland, Berkeley, Walnut Creek and the Peninsula.

Jason Parr at Berkadia brokered the transaction. Westhome, an affiliate of Cityview, will serve as the property manager.

About Cityview

Founded in 2003, Cityview is a vertically integrated real estate investment management and development firm focused on multifamily housing in gateway markets in the Western U.S. Specializing in developing, acquiring, and operating opportunistic and value-add multifamily projects, Cityview creates sustainable housing options in transforming areas, changing cities into communities, people into neighbors and houses into homes. Cityview has invested in more than 130 projects to date. For more information, visit cityview.com.

Media Contact:

Jade Terry
Senior Communications Manager, Cityview
jterry@cityview.com
512-415-6923

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