Acquired, Branded, Renovated and Managed
84-unit · mixed-use apartments
Prior to its acquisition, 1122U was per bed student housing. Located in the heart of Berkeley on University Avenue, in close proximity to the University of California Berkeley Campus, the property offered tremendous potential for repositioning to conventional market rate housing. 1122U features studios to five bedrooms, with a percentage allocated to affordable units. Amenities include a rooftop study lounge, full gym and landscaped interior courtyard. The 3,900 sq. ft. of ground floor retail houses a Berkeley staple, Algorithm Cafe.
Upon takeover, the property underwent a renovation that included full cosmetic upgrades to common spaces and units. All common area furnishings were replaced, and the entire property, interior and exterior, was repainted with low VOC paint. Landscaping was transitioned to native and drought tolerant plantings to reduce the irrigation expenditure. Bicycle racks were added to the garage to encourage alternative transportation use, and a complimentary shuttle service was provided to BART and the University. In-unit appliances were upgraded in phases to Energy-star rated appliances and new flooring was installed. The property also underwent a rebranding process and a new marketing campaign was engaged.
GEM managed the property until it was sold in 2017.