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Thompson | Dorfman Partners sold the 68-unit Solaris Apartment community in Hayward for over $14.2M ($307/SF) to a local private investor. Through its TDT Ventures subsidiary and equity partner BayNorth Capital of Boston, the firm originally purchased the property in 2008 for $7.1M.
The entity repositioned the 1960s property, which had been poorly maintained and managed, with $1M in improvements such as a new controlled-access gate system, updated exterior paint, new building signage and upgraded exterior lighting. It also replaced air conditioning units and renovated the unit interiors.
Thompson | Dorfman Partners principal Bruce Dorfman says there is huge demand for this type of property in the region and his firm will continue to look for similar opportunities. The sale “exceeded our return metrics for our partners," Bruce says.
The complex contains one- and two-bedroom apartments and amenities include a pool and landscaped courtyards on about two acres. The complex at 24661 Amador St is near BART and I-880.
Cushman & Wakefield VP Scott MacDonald and senior managing director Ric Russell repped both the seller and the buyer.
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