BERKELEY, CA—Deutsche Asset & Wealth Management‘s real estate investment business has acquired Parker Place in Berkeley, CA, on behalf of one of its institutional clients.
Located in the highly-desirable Oakland/Berkeley submarket, Parker Place is a mixed-use development of 155 luxury multifamily units atop ground-level retail space. It is a joint venture with Lennar Multifamily Communities. Given the difficulty in obtaining development entitlements, once completed Parker Place will be one of a select few purpose-built, institutional-quality luxury multifamily assets.
“Parker Place is a high-quality property in a very desirable location that boasts one of the tightest vacancy rates in the nation,” says Todd Henderson, head of real estate for the Americas, at DeAWM. “We were fortunate to be able to form a joint venture partnership with Lennar and secure an investment that we expect to produce excellent returns for our client throughout the lifecycle of the investment.”
Deutsche Asset & Wealth Management could not disclose any further information to GlobeSt.com at this time but we will update this story if we learn more.