35 Units Near Lake Merritt in Oakland Sells for $10.5MM
Bay Apartment Advisors has facilitated the sale of 314 Perkins Street in Oakland, CA. The building is a thirty-five unit apartment complex located in the heart of the trendy Adams Point neighborhood, just three blocks up from Lake Merritt and Grand Avenue. The property was originally built in 1972 and has undergone many common area and in-unit improvements over the years. The property has exceptionally large studio, one, and two bedroom units with expansive floor-plans and private balconies for each unit. The property has approximately 30% upside in existing rents and over half of the units have been remodelled and upgraded.
The property sold for $10,500,000, which equates to $300,000 per unit and $650,000 over the listing price. The seller of the property is a partnership led by Christopher Curtis and Joel Kelly of BAA Investment Group, LLC. (formerly Lakeview Land Partners) based in Oakland Ca.
Kristopher Lamont of Bay Apartment Advisors listed and marketed the property on behalf of the seller.