Lakeview Land Partners Buys 66-Unit Oakland Asset for $15MM
The LakePark Apartments at 1565 Madison Street in Oakland Ca. has been purchased by [Lakeview Land Partners] led by principals Chris Curtis and Joel Kelly for $15 million. The 66-unit apartment building is located one block off Lake Merritt, within walking distance to two BART stations and to Uptown District dining and nightlife.
“We are very pleased to add this property to our holdings in this Gold Coast/Lake Merritt area, which has become very popular with young professionals. We purchased a 47-unit building a block away at 14th and Jackson St. in 2015 and are excited to see all the new residential development underway in our neighborhood”, stated Chris Curtis. The property has undergone a recent common area renovation, including a new lobby, elevators, and a fitness center.
The property will be managed by Bay Apartment Advisors, an Oakland-based brokerage and management company. Joel Kelly said, “We have been very active in acquiring and managing similar properties in Oakland, and I believe the fundamentals of the rental housing market here look promising for the foreseeable future.”
Nathaniel Reinke a broker with Bay Apartment Advisors in Oakland represented both buyer and seller.