CASTRO VALLEY, CALIF. — Felson Cos. has sold a two-property, 135-unit portfolio in Castro Valley to Prime Residential for approximately $35.6 million. Jason Parr, Scott MacDonald and John Hansen of Berkadia San Francisco arranged the sale on behalf of Hayward, California-based Felson, the original developer and longtime owner of both communities. Clay Akiwenzie and Hank Workman also with Berkadia San Francisco arranged a seven-year fixed-rate Freddie Mac loan with full-term interest only on behalf of San Francisco-based Prime Residential.
Located approximately 27 miles east of San Francisco, the neighboring properties were developed between 1962 and 1973. The Cedars, which sold for $21.5 million, is an 83-unit community consisting of one-, two- and three-bedroom floor plans, two pools, an outdoor courtyard, a fitness center and covered parking. Creekside Terrace, which sold for $14.1 million, is a 52-unit asset also with one- through three-bedroom floor plan options and such amenities as a pool and dry sauna, an outdoor courtyard, a fitness center and covered parking.