Lake Merritt Apartments Sell for $11.3MM
Lakeview Land Partners, LLC. a multi-family housing investment company led by Joel Kelly, Chris Curtis, and Kris Lamont have purchased The Lakemont Apartments, a 53-unit apartment complex located at 1520 Jackson Street Oakland, California. The property is located in the “Gold Coast” district of Oakland, which is walking distance to Lake Merritt, 2 BART stations, Downtown & Uptown Oakland, and Jack London Square.
The property has been owned and self-managed by the original owners/developers since the 1960’s. Lakeview Land Partners, LLC. plans a full remodel of the buildings interior common areas, vacant apartment units, and the building exterior. The property consists of studios, one bedroom and two bedroom units with gated subterranean parking and a secure common area and entry.
Lakeview Land Partners, LLC. paid $11,300,000 or $213,207 per unit for the property. Luke Blacklidge represented the buyers and sellers in this off market transaction.
Bay Apartment Advisors, an Oakland based property management and brokerage company will professionally manage the property.