Berkeley Pride-of-Ownership Asset Sells for $15M, Wins Prestigious Recognition

NAI NorCal’s Kilpatrick Team represents both Buyer and Seller in the investment sale of a 42-unit mixed-use building for $15M in Berkeley, CA, receiving industry recognition in CoStar’s Power Broker Quarterly Deals.

Berkeley, CA – NAI Northern California’s Kilpatrick Team is pleased to announce the sale of a 42-unit mixed-use building in Berkeley, California, for $15 million. The transaction marks a significant achievement in the region’s real estate market.

“We are pleased that even during a challenging time of rising interest rates and stalled rents, we were able to create a competitive bidding process with numerous offers, and ultimately very successful outcomes for both seller and buyer” said James Kilpatrick, President at NAI Northern California.

Located just two blocks from the University of California, Berkeley, this historic property sits in the vibrant heart of Berkeley’s Southside Telegraph Avenue District. The sale of this asset is a testament to the strategic and dedicated efforts of The Kilpatrick Team. It has not only earned the Sale of the Year within NAI Northern California for 2023, but has also been recognized in CoStar’s Power Broker Quarterly Deals. The Kilpatrick Team was honored in the Top Property Sales category for the East Bay/Oakland area for Q4 2023, underlining their exceptional skill and dedication in the commercial real estate sector.

“This deal wasn’t without its complexities,” said Rene Alcantara, Senior Investment Advisor at NAI Northern California. “Rising interest rates and a tightening lending environment presented significant challenges, but through our deep understanding of the East Bay market and targeted marketing strategies, we were able to deliver five competitive offers. Ultimately, we closed the transaction successfully with an impressive 4.5% cap rate. This demonstrates the strong investor demand for well-located and well-maintained assets in the East Bay market.”

“The property’s historic charm, prime location, and significant expansion potential make it a valuable addition to any portfolio,” added Alcantara. “We are confident it will thrive under its new ownership.”

The sale was facilitated by James Kilpatrick, President of NAI Northern California, and Rene Alcantara, Senior Investment Advisor. Their combined expertise and client-centric approach were crucial in securing a successful outcome for both the buyer and seller.

For more information about this property or to discuss potential investment opportunities, please contact: