A big apartment complex in Dublin has been bought for $45 million-plus,
DUBLIN — A big apartment complex in Dublin has been bought for $45 million-plus in a deal that hints at weakness in some segments of the Bay Area residential real estate market.
“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, CityView’s chief executive officer. The deal was arranged through Jason Parr, a senior managing director with Berkadia, a commercial real estate firm.
In 2017, JB Matteson, a San Mateo-based real estate investment firm, paid $55 million for Tralee Village Apartments, county public records show. After the jump in interest rates, the average price for apartment buildings that were sold was $520,700 per unit, based on selected Bay Area transactions that were completed in 2024 and in the final three months of 2023.
“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 said.
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