SAN LEANDRO — Two East Bay apartment complexes have been bought by a real estate alliance that includes a company that specializes in creating and sustaining affordable housing in California.
Metro 77 and 85, a 146-unit apartment complex in San Leandro, and Andina, an 89-unit apartment building in Hayward, have been bought by affiliates controlled by Integrity Housing and Ascenda Capital for a combined $86.4 million, according to documents filed on Feb. 25 with the Alameda County Recorder’s Office.
Trion Properties, a private equity firm, sold the two apartment sites after completing wide-ranging upgrades of the complexes in recent years.
“We entered this market more than six years ago, recognizing significant interest from the area’s professionals for quality, upgraded apartments as an alternative to new construction,” said Max Sharkansky, managing partner with Trion Properties.
Metro 77 and 85, located at 77 and 85 Estabrook St. in San Leandro, was bought for $52.9 million, the county documents show.
Andina, located at 1180 and 1182 E St. in Hayward, was bought for $33.5 million, according to the property records.
In 2017, Trion bought the Metro 77 and 85 apartments in San Leandro for $33 million.
“We completed a comprehensive renovation, repositioning, and rebranding” of Metro 77 and 85, Sharkansky said. “Our strategic value-add enhancements to the 1960s vintage asset included new signage, modern paint schemes, upgrades to the pool, gym, leasing offices and hallways, and modernizing the interiors of the units.”
In 2019, Trion paid $28 million for the Andina apartments in Hayward.
“We invested in capital improvements to the property’s unit interiors and common area exteriors to meet the standards of today’s Bay Area,” Sharkansky said of the Andina complex. “Of the 89 units, 58 are fully renovated.”
One of the new owners of the apartment complex, Integrity Housing, focuses on developing and owning affordable residential properties.
“Our mission is to create and sustain quality affordable communities for low-income seniors and families by bringing people, partners and resources together,” Integrity Housing stated in a post on its website. The company also describes itself as a “nonprofit developer, owner and operator of quality affordable communities.”
Source: www.mercurynews.com