Cityview, a multifamily investment management and development firm, has acquired Tralee Village Apartments in the Bay Area city of Dublin, California. The financial terms of the deal were not disclosed.
Built in 2011, Tralee Village Apartments encompasses two three-story buildings with 130 units that sits above more than 30,000 square feet of curated ground-floor retail, including eateries and service-focused shops. Cityview said it was planning a comprehensive renovation of the property’s interiors and common areas, including new unit flooring, lighting, kitchen and bathroom countertops and accessories.
“Tralee Village was a prime opportunity to acquire a well-located, high-quality asset in a highly sought-after submarket that has experienced significant population and employment growth since the pandemic,” said Sean Burton, CEO of Cityview. “With a 95% average historical occupancy and robust market fundamentals, Tralee Village fits squarely in our strategy of acquiring communities in supply constrained markets with high barriers to entry at significantly below replacement cost.”
Burton added that Dublin, which is located 35 miles east of San Francisco, is California’s fastest-growing market.
“With a 58% population increase from 2010 to 2020, and 10,000-plus new residents expected by 2033, Dublin’s multifamily market is experiencing growing demand and shrinking supply, making this a prime area for investment,” he said. “We look forward to reimagining Tralee Village and elevating its design, finishes and amenities to rival new Class A communities.”
Photo courtesy Axis Construction
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