NEWARK — A Newark apartment complex has been bought at a price that’s well below its prior value, a possible indicator of a fading commercial and residential property market in the Bay Area.
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.
Trion Properties sold the complex to an affiliate headed by Los Angeles-based developer Jacob Wintner, county records show.
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.
One of the most high-profile apartment foreclosures occurred in downtown San Jose in June, a deal that produced a new owner for a double-tower residential complex at 188 West St. James St.