OAKLAND, CA—In an off-market purchase of an 84-unit multifamily asset located at 421 East 18th St., the price set a new high water mark for the Lake Merritt area. The investment property traded for $15.3 million or $307 per square foot. The property is just two blocks from Lake Merritt.
Paragon Commercial Brokerage's Ben Weil represented a local San Francisco buyer in the purchase. The seller, which operates under the name 421 E. 18th Street Partnership, represented itself.
“This transaction was a perfect opportunity for the buyers to acquire a large add-value deal in a great location and a great chance for the sellers to trade into a better fit for them while creating growth,” Weil tells GlobeSt.com. “Both parties did very well.”
Built in 1972, the 84-unit property includes 52 studios, 31 one-bedroom one-bath units and a single one bedroom plus den. There are two commercial units on the ground floor and a gated entry to a 19-car parking garage.
It is one of only about 40 apartment buildings in Oakland with more than 80 units. The property is currently 90% leased, with 24 of the units having views of Lake Merritt. Many units have granite counter tops while most have new doors and private balconies.
The foyer and elevator landings were tiled with ceramic tile in the last renovation. Despite the 1970s construction, the building has Internet connectivity. There are four sets of stairways in the building, which has sprinklers throughout the units and common areas. There is concrete flooring on the ground level and Elastaseal flooring above, which provides durability and soundproofing on each of the upper floors. There are garbage chutes on each floor and two occupied commercial units on the ground floor.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
OAKLAND, CA—In an off-market purchase of an 84-unit multifamily asset located at 421 East 18th St., the price set a new high water mark for the Lake Merritt area. The investment property traded for $15.3 million or $307 per square foot. The property is just two blocks from Lake Merritt.
Paragon Commercial Brokerage's Ben Weil represented a local San Francisco buyer in the purchase. The seller, which operates under the name 421 E. 18th Street Partnership, represented itself.
“This transaction was a perfect opportunity for the buyers to acquire a large add-value deal in a great location and a great chance for the sellers to trade into a better fit for them while creating growth,” Weil tells GlobeSt.com. “Both parties did very well.”
Built in 1972, the 84-unit property includes 52 studios, 31 one-bedroom one-bath units and a single one bedroom plus den. There are two commercial units on the ground floor and a gated entry to a 19-car parking garage.
It is one of only about 40 apartment buildings in Oakland with more than 80 units. The property is currently 90% leased, with 24 of the units having views of Lake Merritt. Many units have granite counter tops while most have new doors and private balconies.
The foyer and elevator landings were tiled with ceramic tile in the last renovation. Despite the 1970s construction, the building has Internet connectivity. There are four sets of stairways in the building, which has sprinklers throughout the units and common areas. There is concrete flooring on the ground level and Elastaseal flooring above, which provides durability and soundproofing on each of the upper floors. There are garbage chutes on each floor and two occupied commercial units on the ground floor.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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