45 Apartment Units on Piedmont / Oakland Border Sell for $9.35MM

Bay Apartment Advisors is pleased to announce the sale of 775, 777 & 779 Kingston Avenue in Oakland, CA. The Kingston Avenue Apartments is a forty-five unit apartment complex located on the Piedmont border and is steps from Piedmont Avenue. The property lies on three contiguous parcels with nearly identical fifteen unit buildings on each parcel which were constructed between 1959 and 1962. The sellers of this property made many upgrades to the property since purchasing in 2013, including many unit upgrades/remodels, a seismic retrofit, and installation of bike storage on the premises.

The location of this property sets itself apart from many Oakland apartment communities, as it is walking distance to Piedmont Avenue, BART, and many restaurants along Lake Merritt. Kingston Avenue acts as the western border between Oakland and Piedmont and enjoys a safe and quiet tree-lined environment.

The property sold for $9,350,000 which equates to (+/-) $207,777 per unit and a capitalization rate of 4.25%. The purchaser assumed a 65% LTV in-place loan with JP Morgan Chase Bank. Lakeview Land Partners, LLC the seller of the property is a partnership led by Christopher Curtis and Joel Kelly. Vaughn Management, LLC is the purchaser.

Kristopher Lamont of Bay Apartment Advisors represented both parties in the off-market transaction.

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Joel Kelly

Managing Partner

Joel is a managing partner of Lakeview Land Partners and the president of Bay Apartment Advisors, a brokerage and property management firm based in Oakland, CA. Joel and his company oversees the property management for these investments. Joel started his career in apartment building brokerage in 2001 with Marcus & Millichap, a national brokerage firm. He worked in the San Francisco and Oakland offices for that firm and ranked in the top 3 brokers (Oakland Office) before he moved to Cassidy Turley Commercial (Formerly BT Commercial) in 2006, where he was the highest producing apartment agent in the Oakland office and top 3 multi-family agent in the firm.

Joel has overseen the sales/transactions of $1 Billion in apartment buildings in the San Francisco Bay Area, predominantly in the East Bay. He has represented developers, REITs, banks, and private clients. Joel oversees the ownership and management +/- 800 apartment units located in the East Bay Area and Bay Apartment Advisors is one of the top brokerage & property management firms in the region. Joel serves on the Board of Directors for The Jobs & Housing coalition (JHC) in Oakland and formerly served on the board for directors for The East Bay Rental Housing Assn. (EBRHA).

Joel graduated from UC Santa Barbara in 1998 with a Bachelor of Science in Urban Geography. Joel lives in Orinda Ca. with his wife Jessica and their two children.

Christopher C. Curtis

Managing Partner

Chris is a managing partner of Lakeview Land Partners and a development partner with Bay Apartment Advisors Investment Division and oversees asset management for the investment. Chris brings over 30 years of experience in all facets of investment real estate including residential, office, industrial, retail and hospitality properties. He began his career as an apartment broker for Coldwell Banker in the Oakland and Contra Costa markets and assembled a portfolio of small properties for his own account. He then became an office leasing broker with Cushman & Wakefield in San Francisco and was hired by Equitable Real Estate as leasing manager for One Market Plaza. He went on to become San Francisco Regional Asset Manager for Equitable with asset management responsibility for 36 million square feet of office, industrial, retail and hospitality properties located in 7 western states and Hawaii. Prior to joining Lakeview Land Partners, he was a senior Vice President and Leasing Manager at Shorenstein Company for 10 years, responsible for marketing and leasing class A high-rises in various cities across the nation including the John Hancock Center and Prudential Plaza in Chicago, Phoenix Plaza in Phoenix and Oakland City Center.

Chris was a Trustee of the Oakland Museum of California Foundation and served on the Renovation Committee. He was also very active in the formation of the two Oakland business improvement districts and was Vice President of both the Lake Merritt/Uptown Community Benefit District and the Downtown Oakland Association. Chris holds a J.D. from Golden Gate University School of Law and a B.A. from University of Redlands.