Hercules Development Partners Sells 232-Unit Dylan Apartments for $83.5 Million

The Dylan, a 232-unit multifamily community situated in Hercules, California, has been sold by Hercules Development Partners to Interstate Equities Corp. for $83.5 million. Completed in 2022, this five-story development comprises 217 market-rate units and 15 below-market-rate units, offering a mix of studios, one- and two-bedroom layouts with an average size of 804 square feet. JLL Capital Markets represented the seller in this transaction.

The property provides a range of resident amenities, including a lounge with a community kitchen, a sports lounge, a fitness center, and a resident courtyard featuring barbecue and fire pit areas. Additionally, bike storage with a repair station is available. JLL also arranged a $54.3 million, five-year acquisition loan for Interstate Equities Corp. through Freddie Mac. This sale underscores ongoing investor interest in well-appointed, recently constructed multifamily assets within the extended Bay Area market, providing a benchmark for similar mixed-income property valuations.