Berkadia has closed the $78 million sale of Bridges at San Ramon, a 200-unit multifamily community in San Ramon. The price equates to $390,000 per unit, reflecting investor appetite for apartment assets in this part of the Bay Area. Senior managing director Jason Parr, managing director Scott MacDonald, associate Sydney Ladrech and director John Hansen of Berkadia San Francisco arranged the transaction on behalf of the seller.
Parr described Bridges at San Ramon as a rare opportunity to acquire a value-add asset in one of the Bay Area’s most desirable submarkets. He noted that the acquisition allows the buyer to capitalize on what he characterized as the market’s nation-leading apartment momentum. According to Parr, the limited availability of comparable properties helped fuel investor attention and contributed to a competitive sale process.
The property is adjacent to Bishop Ranch, which Parr called the East Bay’s most dynamic retail and employment hub. This location places residents near a concentration of shopping, services and jobs, reinforcing the appeal of the asset’s positioning within the local multifamily market. Parr said the community had not been offered for sale in 15 years, and that this long hold period added to its scarcity value among prospective buyers.
Bridges at San Ramon is a garden-style community built in 1988. The two-story property sits on 10.39 acres at 309 Springfield Dr. in San Ramon and offers a mix of one- and two-bedroom apartments. Average unit size is approximately 739 square feet, aligning with demand for smaller-format housing in mature suburban locations. While detailed business plans were not disclosed, the “value-add” description suggests that investors see room for targeted improvements at the property.
The sale underscores the continued relevance of well-located, garden-style product in established suburban nodes, particularly when situated near major employment and retail centers such as Bishop Ranch. With Berkadia San Francisco orchestrating a highly competitive bidding process, the transaction highlights how long-held assets coming to market can attract robust investor interest in the Bay Area’s multifamily sector.
