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Interstate Equities buys Hercules, Calif. apartments for $83.5M

JLL represented seller Hercules Development Partners and arranged a $54.275 million five-year Freddie Mac acquisition loan.

At a glance

  1. The building was completed in 2022 and holds 217 market-rate units and 15 below-market-rate units across five stories.
  2. Units run from studios to two-bedrooms and average 804 square feet.
  3. The $83.5 million price works out to about $360,000 a unit.

Interstate Equities Corp. acquired The Dylan, a 232-unit apartment community at 2200 John Muir Parkway in Hercules, Calif., for $83.5 million, IREI reported.

JLL represented the seller, Hercules Development Partners, and arranged a $54.275 million five-year acquisition loan through Freddie Mac.

The building was completed in 2022 and holds 217 market-rate units and 15 below-market-rate units across five stories. Units run from studios to two-bedrooms and average 804 square feet.

The $83.5 million price works out to about $360,000 a unit. The $54.275 million Freddie Mac loan covers roughly 65% of the purchase price. The 15 below-market-rate units amount to just under 7% of the total.

Reported by the Deals desk from IREI. Published . Corrections

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