Lake Merritt Apartments Sell for $11.3MM

BAA Investment Group, LLC. (formerly Lakeview Land Partners) a multi-family housing investment company led by Joel Kelly, Chris Curtis, and Kris Lamont have purchased The Lakemont Apartments, a 53-unit apartment complex located at 1520 Jackson Street Oakland, California. The property is located in the “Gold Coast” district of Oakland, which is walking distance to Lake Merritt, 2 BART stations, Downtown & Uptown Oakland, and Jack London Square.

The property has been owned and self-managed by the original owners/developers since the 1960’s. BAA Investment Group, LLC. (formerly Lakeview Land Partners) plans a full remodel of the buildings interior common areas, vacant apartment units, and the building exterior. The property consists of studios, one bedroom and two bedroom units with gated subterranean parking and a secure common area and entry.

BAA Investment Group, LLC. (formerly Lakeview Land Partners)  paid $11,300,000 or $213,207 per unit for the property. Luke Blacklidge represented the buyers and sellers in this off market transaction.

Bay Apartment Advisors, an Oakland based property management and brokerage company will professionally manage the property.

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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.