BERKELEY, CA—Deutsche Asset & WealthManagement's real estate investment business has acquiredParker Place in Berkeley, CA, on behalf of one of its institutionalclients.
Located in the highly-desirable Oakland/Berkeley submarket,Parker Place is a mixed-use development of 155 luxury multifamilyunits atop ground-level retail space. It is a joint venture withLennar Multifamily Communities. Given thedifficulty in obtaining development entitlements, once completedParker 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 desirablelocation that boasts one of the tightest vacancy rates in thenation,” says Todd Henderson, head of real estatefor the Americas, at DeAWM. “We were fortunate tobe able to form a joint venture partnership with Lennar and securean investment that we expect to produce excellent returns for ourclient throughout the lifecycle of the investment.”
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