45 Apartment Units on Piedmont / Oakland Border Sell for $9.35MM
Bay Apartment Advisors is pleased to announce the sale of 775, 777 & 779 Kingston Avenue in Oakland, CA. The Kingston Avenue Apartments is a forty-five unit apartment complex located on the Piedmont border and is steps from Piedmont Avenue. The property lies on three contiguous parcels with nearly identical fifteen unit buildings on each parcel which were constructed between 1959 and 1962. The sellers of this property made many upgrades to the property since purchasing in 2013, including many unit upgrades/remodels, a seismic retrofit, and installation of bike storage on the premises.
The location of this property sets itself apart from many Oakland apartment communities, as it is walking distance to Piedmont Avenue, BART, and many restaurants along Lake Merritt. Kingston Avenue acts as the western border between Oakland and Piedmont and enjoys a safe and quiet tree-lined environment.
The property sold for $9,350,000 which equates to (+/-) $207,777 per unit and a capitalization rate of 4.25%. The purchaser assumed a 65% LTV in-place loan with JP Morgan Chase Bank. Lakeview Land Partners, LLC the seller of the property is a partnership led by Christopher Curtis and Joel Kelly. Vaughn Management, LLC is the purchaser.
Kristopher Lamont of Bay Apartment Advisors represented both parties in the off-market transaction.