February 6, 2020
West Hollywood-based Trion Properties purchased the 61-unit Cedar Grove apartments in San Leandro, CA, for $15 million. Located at 1200 Davis St., near downtown and within walking distance of BART Station, Trion is rebranding the property as Soji Apartments.
According to Trion’s Max Sharkansky, it’s a strategic addition, as the asset benefits from Silicon Valley spillover. “San Leandro draws many residents from the ultra-hot Silicon Valley market and is a vibrant and innovative city on its own,” he said in a statement.
Trion is planning upgrades to the community’s interiors, exterior and common areas, seeking a rental rate increase of 21% or more.
This purchase brings the firm’s East Bay portfolio to five properties. Trion’s other assets in San Leandro include Metro 77&85 and Metro 348, with the company also owning properties in Fremont and Hayward.
NKF’s John Leyvas represented both Trion Properties and the seller in the transaction.
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