47-Unit Oakland Condo Building Sells for $15.9MM

In a continually escalating Oakland housing market, one local developer saw the shine on a previously empty Jackson Courtyard Condominiums, and decided to pay nearly $338,000 per unit to acquire it. The property, which is located on the corner of Jackson and 14th streets in Oakland is situated in the center of the Lake Merritt BART station area strategic plan, making it ideally connected to other points in the region, and especially jobs in San Francisco.

Joel Kelly, a principal with buyer Lakeview Land Partners said in a prepared statement “Our outlook is for the rental market in Oakland to continue to improve, we see many renters migrating from San Francisco. Not only has Oakland become a destination for renters and homeowners, it has become a viable place to do business for upscale restaurant bars and entertainment venues which has significantly increased the desire to live in Oakland.”

The building currently operates as a luxury rental apartment building, and it is made up of 45 fully-rented luxury condominiums, one live-work condominium and one hard corner retail commercial space. The new owners do not have plans to change that at the moment.

The Oakland-Emeryville condominium market is on a tear recently. There is no new inventory on the market presently and the market is at 0.5 months of resale inventory (6 months inventory is considered a balanced market), according to a February 2015 Oakland-Emeryville Condominium Market Report by Polaris Pacific. The median sale price is roughly 25 percent higher than the price Lakeview Land paid, at $420,000. Overall, the annual price change jumped by 24.6 percent and is now 5.6 percent below the market peak of $445,000 achieved in 2006, according to the same report.

Polaris Pacific is tracking 4,101 condominiums approved for development in the East Bay city with none in construction at present, signifying continued pressure on the market and eventual increase in prices over the year.

Kristopher Lamont of Bay Apartment Advisors and Kevin Turner of Marcus & Millichap represented the parties in sale.

Joel Kelly

Managing Partner

Joel is a managing partner of Lakeview Land Partners and the president of Bay Apartment Advisors, a brokerage and property management firm based in Oakland, CA. Joel and his company oversees the property management for these investments. Joel started his career in apartment building brokerage in 2001 with Marcus & Millichap, a national brokerage firm. He worked in the San Francisco and Oakland offices for that firm and ranked in the top 3 brokers (Oakland Office) before he moved to Cassidy Turley Commercial (Formerly BT Commercial) in 2006, where he was the highest producing apartment agent in the Oakland office and top 3 multi-family agent in the firm.

Joel has overseen the sales/transactions of $1 Billion in apartment buildings in the San Francisco Bay Area, predominantly in the East Bay. He has represented developers, REITs, banks, and private clients. Joel oversees the ownership and management +/- 800 apartment units located in the East Bay Area and Bay Apartment Advisors is one of the top brokerage & property management firms in the region. Joel serves on the Board of Directors for The Jobs & Housing coalition (JHC) in Oakland and formerly served on the board for directors for The East Bay Rental Housing Assn. (EBRHA).

Joel graduated from UC Santa Barbara in 1998 with a Bachelor of Science in Urban Geography. Joel lives in Orinda Ca. with his wife Jessica and their two children.

Christopher C. Curtis

Managing Partner

Chris is a managing partner of Lakeview Land Partners and a development partner with Bay Apartment Advisors Investment Division and oversees asset management for the investment. Chris brings over 30 years of experience in all facets of investment real estate including residential, office, industrial, retail and hospitality properties. He began his career as an apartment broker for Coldwell Banker in the Oakland and Contra Costa markets and assembled a portfolio of small properties for his own account. He then became an office leasing broker with Cushman & Wakefield in San Francisco and was hired by Equitable Real Estate as leasing manager for One Market Plaza. He went on to become San Francisco Regional Asset Manager for Equitable with asset management responsibility for 36 million square feet of office, industrial, retail and hospitality properties located in 7 western states and Hawaii. Prior to joining Lakeview Land Partners, he was a senior Vice President and Leasing Manager at Shorenstein Company for 10 years, responsible for marketing and leasing class A high-rises in various cities across the nation including the John Hancock Center and Prudential Plaza in Chicago, Phoenix Plaza in Phoenix and Oakland City Center.

Chris was a Trustee of the Oakland Museum of California Foundation and served on the Renovation Committee. He was also very active in the formation of the two Oakland business improvement districts and was Vice President of both the Lake Merritt/Uptown Community Benefit District and the Downtown Oakland Association. Chris holds a J.D. from Golden Gate University School of Law and a B.A. from University of Redlands.