The Dyln apartment complex in Newark was sold for $20.5 million, representing a 41.6% decline from its estimated value of $35.1 million. The property, home to 83 units, consists of three-story buildings built in 1966. The sale indicates potential struggles within the multifamily market in the Bay Area, although other transactions reveal some resilient areas based on specific property locations. Recent high-profile apartment foreclosures in the region underscore the shifting dynamics of the real estate landscape.
The apartment hub, known as Dyln and located at 35750 Bettencourt St., was bought for $20.5 million, according to documents filed on July 16 with the Alameda County Recorder's Office.
The purchase price is 41.6% below the most recently estimated value of $35.1 million, as reported by the Alameda County Assessor's Office.
The multifamily residential property totals 83 units, according to Apartments.com. It was built in 1966 and consists primarily of a series of three-story buildings.
Several apartment complexes in the East Bay have been involved in transactions that point to a faltering multifamily market. Other deals, however, suggest that pockets of strength remain, depending on the property and its location.
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