Spruce Street Apartments

1525 Spruce St, Berkeley, CA – 24 units

Acquired in October 2013

1525 Spruce Street, a 24-unit apartment building in the prime Gourmet Ghetto neighborhood of Berkeley, CA was acquired in November 2013. The property had been under managed for years and was nearly half vacant in a hot rental market. The property is 2.5 blocks to the University of California, Berkeley and steps to some of the best restaurants the town and entire Bay Area has to offer.

Through buyout agreements and natural turnover we were able to turnover another 11 apartments and used the opportunity to completely upgrade the building. We completed an extensive seismic retrofit, repaired damaged stucco, replaced all windows, upgraded the plumbing, electrical and heating systems, and remodeled all apartments to modern standards and finishes. We leased up all 22 vacancies in 2 months, achieving rents of $1,795-$2,195 per month. Investors have seen all of their equity returned and are receiving steady cash flow distributions.