Saturday, June 02, 2007

The Place to Buy?

The SF Chronicle reports -- Apartment titan Zell buys in Berkeley. The Chronicle goes on to describe Chicago developer Sam Zell's Equity Residential as "the biggest apartment owner in the country," noting the firm has now "acquired seven apartment buildings near UC Berkeley for a reported $150 million."

The seven buildings were erected by developer Patrick Kennedy, Panoramic Interests. The buildings were erected between 1998 and 2004 by Kennedy and UC Berkeley Professor David Teece.

The City of Berkeley will get a one-time windfall of about $2.1 million in property transfer tax payments as a result of the sale, according to Calvin Fong, an aide to Mayor Tom Bates. The 1.5 percent fee indicates that the seven properties sold for about $150 million.

The future home of the MAGNES is like two blocks away, by the way.

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