Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today that it has facilitated the sale of Varsity Berkeley, a 79-unit, 263-bed, purpose-built student housing asset within walking distance of the University of California, Berkeley campus in Berkeley, California.
“Pedestrian to U.C. Berkeley, one of the top public universities in the country, Varsity Berkeley has been a consistent performer since its opening,” said Peter Katz, IPA executive managing director. “As a 2015 vintage, core-plus asset, the property is poised over the next few years for a light ‘value-add’ refresh that will further drive returns for the buyer. We want to thank both the seller and buyer for their dedication to completing a seamless trade for this exceptional asset.”
Katz and Salvatore Saglimbeni, IPA executive managing director, represented the seller, Barings, and procured the buyer, Hawkins Way Capital. Tony Solomon, senior vice president and district manager is Marcus & Millichap’s broker of record in California.
Located less than a quarter mile from campus, Varsity Berkeley is situated in Downtown Berkeley near a wide variety of shops, galleries, restaurants, theaters, and community venues. The property features a Walk Score of 96, Bike Score of 96 and a Transit Score of 70. The Downtown Berkeley Bay Area Rapid Transit station is less than one-half mile away.
Varsity Berkeley has a mix of furnished and unfurnished studio, two- and three-bedroom floor plans with fully equipped kitchens and bathrooms that include a washer, dryer, and premium finishes. Community amenities include a rooftop terrace and sun deck, a recently renovated resident lounge, ground floor courtyard with firepit, and electric car charging.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
