Top multifamily sales team joins San Francisco office
April 24, 2019
San Francisco – Transwestern Commercial Services (TCS) today announces Shivu Srinivasan and his team have joined its San Francisco office. As Senior Director of Capital Markets at TCS, Srinivasan will continue the team’s robust East Bay practice, while collaborating with all service lines to deliver value-add opportunities as TCS expands in the region.
“Shivu, Robert and Dante embody the entrepreneurial spirit that is the cornerstone of our culture,” said TCS Senior Managing Director Jeffrey W. Moeller. “We are committed to expanding our presence in Northern California with talented professionals who share our vision for growth and exceptional client service.”
As the top producer at NAI Northern California for the past three years, Srinivasan and his team of Robert Dau and Dante Giacomini have completed over $200 million in sales throughout the Bay Area, primarily in Oakland. The team has executed several record-setting sales in the Lake Merritt district of Oakland, including a 45-unit sale for $12.5 million, 36 units for a total of $10 million, and 88 units for $26.5 million in Fremont.
Multifamily has been the crown jewel of many investor portfolios during the past five years, according to TCS research, and Oakland is one of the top markets in the country. However, research projects a correction of 12 percent in the next two to three years. As rents stabilize and cap rates rise, average sale price per unit in Oakland could drop below $270,000 by 2021.
“The Bay Area is uniquely positioned to weather any national economic uncertainty," said Srinivasan. "While we have seen softening in rents and sales prices over the past six months, we continue to see robust demand for Bay Area multifamily properties. The strong fundamentals of the regional job market, coupled with an extreme housing shortage, serves as a powerful buffer.”
Srinivasan notes that the market is at a unique time during the current economic cycle where sellers are still able to secure top sale prices, but buyers are also finding untapped value. Srinivasan’s team has expertise in executing off-market deals, which, coupled with Transwestern’s data-driven analysis and underwriting support, will help clients explore all available investment options.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.