MILL VALLEY, Calif. – (RealEstateRama) — Thompson | Dorfman Partners, LLC (TDP), a San Francisco Bay Area real estate development and investment firm, through its TDT Ventures (TDT) subsidiary, and equity partner, BayNorth Capital of Boston, announced today that the venture sold a 68-unit apartment community in Alameda County, Calif., for $14,268,000, representing $209,824 per unit; $307 per square foot. TDT purchased Solaris Apartments in 2008 for $7.1 million.
According to Bob Talbott, co-founder of TDT Ventures, “Solaris Apartments is a great example of the type of well-located, value-add property that we look for in underserved markets. We spent a little more than a million dollars in making significant property improvements including a new controlled access gate system, updated exterior paint, new building signage, upgraded exterior lighting, replacement of air-conditioning units, and the renovation of unit interiors.”
Located at 24661 Amador Street in Hayward, Solaris Apartments offers convenient access to the major job centers in the Bay Area and is blocks from Interstate 880, which also provides a direct connection to the Peninsula office market via the San Mateo Bridge. The property is approximately one-and-a-half miles from the Hayward BART Station. Safeway, Walgreens, Taco Bell, 24 Hour Fitness, and many other neighborhood retailers are located adjacent to Solaris, and the property is a short drive to Cal State Hayward and Chabot College.