Leading into 2020, it was important to reflect on our wonderful team success in the previous year. Incredibly glad we were able to help out so many wonderful clients achieve their commercial real estate goals. Contact us today if you are in the market to learn about buying and selling Multi-Family Investments in 2020.

1. SCOPE
OF SERVICES

2. PROFESSIONAL EXPERIENCE
ETHAN
Ethan began his career in 2009 as a member
of the Contra Costa & Solano multifamily
brokerage team at NAI representing buyers
and sellers of multifamily properties. He
quickly gained a reputation of reliability
and distinction after selling a number of
buildings for record prices while delivering
attentive service to his clients. Recently he
was named Senior Vice President of NAI
Northern California Multifamily investments.
Since joining NAI, Berger has been involved
in a number of record setting transactions in
cities throughout Contra Costa and Solano
Counties, including Richmond, Concord,
Martinez, Antioch and Pleasant Hill. His
reputation as a dedicated, aggressive, and
client-centric sales professional is evident in
his successes and the relationships he has
forged.
Berger is an active member of the Contra
Costa/SolanoCountychapteroftheCalifornia
Apartment Association, and has served the
board of directors of the Camelback North
II apartments in Pleasant Hill. He has lived in
Contra Costa County for 30 years and has
a wide breadth of knowledge of all Contra
Costa and Solano County cities and sub-
markets, and has experience as a Buyer,
Seller, and owner of multifamily property.
BERGER
Senior Vice President
direct/fax: 510.972.4952
mobile: 925.588.9740
ethan@nainorcal.com

3. We have the world’s
largest commercial
real estate network.
375+ local offices
6,700 local market leader
380 million sqft of property managed

4. PROFESSIONAL EXPERIENCE
BEN
Benjamin Mandel is a Senior Investment
Advisor specializing in the acquisition
and disposition of Multi-Family Properties
spanning in locations from San Francisco
to Sacramento, California. Berger Mandel
Associates focuses on representing
Buyers and Sellers of all levels from First
Time Investors purchasing a 4-Plex to
Institutional Managers selling a 200+ unit
building.
Mr. Benjamin Mandel joined NAI in
June of 2018 after being a partner and
MANDEL
Senior Investment Advisor
direct/fax: 510.336.4720
mobile: 978.269.4077
bmandel@nainorcal.com
licensed real estate broker in Boston, MA.
Benjamin has a passion and undivided
interest in helping clients purchase and
sell commercial real estate assets with
ease and transparency. He is actively
in pursuit of becoming a principal in
the transaction process and has the
unequivocal drive to learn more each
day and invest in on-going education to
consistently better serve his clients.

6. #1 in Contra Costa
Multi Family
$150 MILLION+
STATISTICS

7. PROFESSIONAL EXPERIENCE
GARRETT
Garrett Blair began his career at NAI
Northern California in May 2018 with
Ethan Berger’s multifamily brokerage
team. Since joining the team in 2018,
Garrett has been involved in over $50M in
transactions assisting Buyers and Sellers
of multifamily properties in Contra Costa
County including 1031 exchanges and
record-breaking sales in areas such as
Lafayette, San Pablo, and Antioch.
Garrett looks to maximize value for his
clients by sourcing off market deals to
purchase or trade into as well as being
detail-oriented throughout the sales
BLAIR
Investment Advisor
direct/fax: 510.817.2207
mobile: 949.300.5610
gblair@nainorcal.com
process. Since beginning his career in
2018, Garrett has had a 100% close rate
on the deals he represented the Buyer or
Seller on and has never had a deal fall out
of contract.
He gained a background in leadership
and management at UC Berkeley as the
former President of his fraternity, Theta
Chi, and as Team Captain and Co-Founder
of the Berkeley Surf Team while earning
his degree in Political Economy. He was
born and raised in Laguna Niguel, CA and
currently lives in San Francisco.

8. PROFESSIONAL EXPERIENCE
COLE
Cole Byrd is a dedicated investment
advisor specializing in acquisitions and
dispositions of multifamily properties in
markets extending from San Francisco
to Sacramento. He began his real
estate career in August 2019 when he
joined Berger Mandel Associates of NAI
Northern California, a team that closed
over $52M in transactions last year.
Prior to joining NAI, Cole was working
in the automotive industry for Sonic
Automotive and AW Collision Group.
BYRD
Investment Advisor
direct/fax: 415.366.0176
mobile: 704.562.3546
cbyrd@nainorcal.com
He graduated from the University of
San Francisco in 2016 with a bachelor’s
degree in Entrepreneurship and
Innovation.
He was raised in Orlando, FL and
Charlotte, NC before making the move
to San Francisco, where he currently
lives.

10. 2394 ROAD 20
SAN PABLO, CA 94806
HIGHLIGHTS
Berger Mandel Associates originally identified and facilitated the purchase of the
property by the seller in June of 2017. After successfully renovating and rehabbing the
property the units were re-tenanted yielding nearly a 110% increase in the gross rents.
Upon completion the seller then enlisted BMA to leverage our local-market expertise
and knowledge to determine a value and market the property. Using our relationships
and extensive marketing platform we were able to quickly develop multiple competitive
offers and identify a buyer. Ultimately we were able to guide the property through
escrow, achieve a record setting price and a total return on investment for the seller
of nearly 95%.
SUMMARY
SOLD PRICE:
# OF UNITS:
LOT SIZE:
BUILDING SIZE:
CAP RATE:
GRM:
PRICE/UNIT:
PRICE/SF:
$4,495,000
18
29,142 SF
13,102 SF
6.23%
10.83
$249,722
$343

11. 1976 DESERT CIR.
WALNUT CREEK, CA 94598
HIGHLIGHTS
SUMMARY
SOLD PRICE:
# OF UNITS:
LOT SIZE:
BUILDING SIZE:
CAP RATE:
GRM:
PRICE/UNIT:
PRICE/SF:
$2,040,000
5
12,309 SF
4,048 SF
4.77%
13.94
$408,000
$504
This transaction began when the buyers contacted BMA with the desire to exchange
out of a 6 unit property in Concord that we helped them to purchase in 2016. After
successfully selling their Concord property, at a 53% net return on their initial invest-
ment, we identified Desert Circle as an asset that would satisfy the exchange and
accomplish the clients goals of improving upon location, condition, cash flow and re-
ducing their management responsibilities. The property had just undergone extensive
interior renovations and we were successfully able to negotiate for the seller to replace
the roof during escrow.

12. 3535 BROOK ST.
LAFAYETTE, CA 94549
HIGHLIGHTS
• Shattering previous pricing record by over $52,000/unit and $44/PSF
• Represented both the Buyer and Seller
• Delivered an unsolicited all-cash offer
• Rare Multifamily asset in the Lamorinda Market
• Just blocks from Mt Diablo Blvd and Lafayette BART Station
SUMMARY
SOLD PRICE:
# OF UNITS:
LOT SIZE:
BUILDING SIZE:
CAP RATE:
GRM:
PRICE/UNIT:
PRICE/SF:
$12,000,000
25
37,462 SF
21,262 SF
2.95%
19.90
$480,000
$564

13. 221 WILBUR AVE.
ANTIOCH, CA 94509
HIGHLIGHTS
The property had been previously marketed by another broker and after 4 failed
escrows the Sellers were deflated and pulled the property off the market. BMA
was able to demonstrate to the Owners that even though the property had some
challenges, the key was working with experts in multifamily. A short marketing period
yielded a number of offers and BMA was able to identify and represent the Buyer, a
qualified local investor in need of an exchange property but whose agent could not
find anything suitable. The Buyer was able to acquire a property that needs some work
but has tremendous upside potential at a price per unit significantly lower than any
area comparables. The Seller was able to take some cash out of the deal, significantly
reduce their operational responsibilities, and diversify their holdings.
SUMMARY
SOLD PRICE:
# OF UNITS:
LOT SIZE:
BUILDING SIZE:
CAP RATE:
GRM:
PRICE/UNIT:
PRICE/SF:
$3,465,000
28
83,200 SF
13,325 SF
6.11%
8.61
$123,750
$260

14. 4576 APPIAN WAY
EL SOBRANTE, CA 94803
HIGHLIGHTS
BMA represented the Buyer in this off-market transaction which was sourced and
executed in combination with our NAI colleagues. The Buyer tasked us with identifying
mid-sized B&C class properties with a value-add component in the East Bay to complete
their 1031 exchange. We were able to canvas the area leveraging our relationships with
owners of properties fitting the buyers criteria to source seller looking to dispose of a
long term family holding with a recent step up in basis.
SUMMARY
SOLD PRICE:
# OF UNITS:
LOT SIZE:
BUILDING SIZE:
CAP RATE:
GRM:
PRICE/UNIT:
PRICE/SF:
$8,040,000
42
1.38 ACRES
22,750 SF
3.99%
11.67
$191,428
$353

15. 1895 SAN VINCENTE DR.
CONCORD, CA 94519
HIGHLIGHTS
The Driftwood apartments represented a very rare, true value-add opportunity in a
NON- RENT CONTROLLED market. A family partnership chose BMA as the exclusive
representative for the Driftwood Apartments after interviewing a number of other
agents and brokers. The property had been in the family for 30+ years and had been
well maintained and cared for but the rents were significantly under market. On average
there was a loss-to lease of over $400 per unit and with a full property renovation,
annual potential upside of $200K+. Additionally, the new owners will dramatically
decrease operating expenses by sub-metering the master-metered PG&E. During
marketing BMA generated 10+ offers for the property and represented the Buyer in
the transaction.
SUMMARY
SOLD PRICE:
# OF UNITS:
LOT SIZE:
BUILDING SIZE:
CAP RATE:
GRM:
PRICE/UNIT:
PRICE/SF:
$5,500,000
27
0.64 ACRES
17,725 SF
3.4%
15.1
$203,703
$310

16. 2019 Contra Costa County 5-50 Unit
Multifamily Sales Dollar Volume
Per Brokerage
$56,449,500
$47,752,500
$14,531,000
$5,242,500
$7,865,000$7,205,000
NAI
Pinza Group
Lee & Ass
Millichap
CBRE
All Others
Multifamily Investment
Specialists