66-Unit El Sobrante Property Sells for $12.9MM

Lakeview Land Partners, LLC. a multi-family housing investment company led by Chris Curtis and Joel Kelly announces the purchase of 2 apartment communities in El Sobrante, CA totalling 66 units. The Courtyard Villas (30 units) located at 4350 San Pablo Dam Road and The Casa Del Sol (36 units) located at 5017-5019 San Pablo Dam Road were purchased simultaneously, however from different ownerships.

The Courtyard Villas is a well maintained and turnkey property with in-place rents which are approximately 10-15% below market prices. The Casa Del Sol is a value add opportunity where will begin a large scale renovation to upgrade the landscaping, building exteriors and interiors of the units. The Casa Del Sol has in-place rents which are currently about 20% below market currently which creates a great opportunity to improve the property and the cash flow of the investment.

Lakeview Land Partners, LLC. has several other similar properties in The East Bay and feels that the lack of housing and high rents in San Francisco, Oakland, and Berkeley strongly benefit investments in communities like El Sobrante which has great proximity to major transportation hubs. These properties provide good work force housing while maintaining affordable rents.

The combined property purchase price is $12,885,000 or $195,227 per unit and current cap rate of 5.7%. Matthew Ziegler and David Wolfe of Marcus & Millichap represented both selling entities, as well as the Buyers. Bay Apartment Advisors will professionally manage the properties.

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.