Transwestern Real Estate Services (TRS) recently facilitated the sale of Summerhill Place Apartments, a 60-unit complex in Union City. The undisclosed seller and Interstate Equities Corporation were brought together by Senior Director Shivu Srinivasan of Transwestern.
According to Srinivasan, there was significant interest in Summerhill Place Apartments with multiple offers at full price. He noted that this level of interest was well-deserved as the property presents an excellent opportunity for the new owner. With an acquisition price of $250,000 per unit in Inner Bay, it represents a highly attractive basis.
Srinivasan also mentioned that they were able to secure a sub-4% cap rate on this transaction which is rare given current market conditions where interest rates are around mid-6%.
Summerhill Place is located at 3900 Horner St., built in 1986 and acquired by its previous private owner back in 1993.
The sale marks another successful deal for Union City apartments with a sub-4% cap rate – showcasing strong demand and potential for investors looking into this market segment.
