OAKLAND, CA - CBRE has arranged the sale of 0.43 acres in Berkeley, less than five blocks from the University of California, Berkeley. The undisclosed buyer plans to build a 52-unit, 232-bedroom student housing development on the site.
Keith Manson, Zachary Greenwood and Mac Watson with CBRE’s Oakland office represented the seller, 2565-2589 Telegraph Blake, LLC, a local private investor and related party of Anchor Valley Partners.
The development site is located at 2587 Telegraph Ave. The project is approved and entitled for an eight-story, 112,562-sq.-ft. mixed-use building featuring studio, 4-, 5- and 6-bedroom units, including six affordable housing units. Additionally, the finished project will include 2,903 sq. ft. of ground-floor commercial space, 5,105 sq. ft. of outdoor space, a fitness room, amenity room, study pods and bike parking.
“With a limited pipeline of new construction on the south side of the UC Berkeley campus, strong rents and a growing U.C. Berkeley student, staff and faculty base, Berkeley continues to be one of the nation’s premier student housing markets,” said Keith Manson, senior vice president at CBRE.
The Southside neighborhood, centered around Telegraph Avenue, is the epicenter of off-campus activity, including shopping, dining, nightlife and entertainment. The area is easily accessible to the rest of the San Francisco Bay Area via the downtown Berkeley BART station.
CBRE reports only 320 units are under construction or approved within eight blocks south of the U.C. Berkeley campus and east of Shattuck Avenue. The average overall rent in the Berkeley submarket is expected to grow 19% over the next ten years, according to CBRE Econometric Advisors.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.