OAKLAND, CA-Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Domain, a 264-unit, luxury, transit-oriented condominium rental community located in Oakland’s award-winning City Center.
The sales price of over $103,200,000 equates to approximately $391,000 per unit.
IPA executive vice president investments Stanford Jones, vice president investments Philip Saglimbeni and vice president investments Salvatore Saglimbeni advised the seller, an affiliate of Berkshire Property Advisors. The buyer is Thailand-based Land & Houses PCL.
“Well-focused, aggressive redevelopment and growth during the last 20 years has transformed downtown Oakland into a cultural, entertainment and economic hub of the San Francisco Bay Area,” said Jones. “Domain truly represents a transit-oriented development (TOD), with the closest BART station just a short walk from the community. TODs are highly sought after by both institutions and large private buyers.”
Located at 1389 Jefferson Street, the property is within a three-minute walk of the 12th Street Oakland City Center Bay Area Rapid Transit (BART) station. Travel time from the City Center station to San Francisco’s financial district is approximately 12 minutes. The location also offers easy access to AC Transit bus service, the area’s freeways and the Oakland/Alameda ferry service.
“Domain is the only luxury rental community physically located at Oakland’s City Center,” said Saglimbeni. “In addition to its proximity to San Francisco’s major employers, downtown Oakland is a flourishing employment center with thousands of jobs within walking distance of the property.”
“Oakland experienced approximately 13% rent growth last year alone. In addition to the continually improving local employment fundamentals, various competing properties are now converting to for-sale condominiums. The combination of these factors suggests rental rates will continue to climb throughout the Oakland market,” Saglimbeni concludes.
Completed in 2011, Domain features studio, one-, two- and three-bedroom floor plans that average approximately 948 square feet. Unit amenities include floor-to-ceiling glass, full-size washer and dryer and fully equipped kitchens with stainless-steel appliances, dark wood cabinetry, natural stone countertops and high-end fixtures.
Community amenities include a sky-deck outdoor terrace with dining area, outdoor kitchen and lounge seating; a 24-hour state-of-the-art fitness facility, a custom- built yoga studio with Pilates reformers, a bike maintenance workshop, a resident lounge featuring Wi-Fi access and coffee station, secure podium parking and valet door-to-door trash and recycling services.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional multifamily properties and portfolios.
Berkshire Property Advisors is a vertically-integrated, national organization which specializes in multifamily real estate. Over more than four decades, Berkshire has established a performance-driven culture based on thoughtful, measured risk-taking, leading edge strategies, and operational excellence. Led by a core of industry veterans looking to take advantage of cyclical opportunities, the company has engaged in virtually all sectors of the capital markets – public, private, debt and equity – as well as property management and development, managing funds for institutional investors, high net worth clients and public REITs.