CBRE Group helped close the sale of 2537 Fulton St in Berkeley. The student-focused property sold for $3.83M ($590/SF), which the developer said was a likely a record for five unit-plus apartments built before 2000 in the city.
The seller, Kuwaiti-based Aqarat, sold the building to a local buyer. CBRE’s East Bay Multifamily group, led by first VP Keith Mason and associate Zachary Greenwood, repped both parties.
The sale reflects the interest in student housing, Keith says. The complex is four blocks from the University of California, Berkeley. Despite the aggressive target, his team was able to close in 15 days with an all-cash buyer, he says. The cap rate was nearly 5.2%.
This transaction highlights two important themes in Bay Area real estate: cross-border transactions and the strength of student housing. Given the internationalization of capital flows and strong demand for non-dorm college living, the sale measures another step down the growth curve.
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