Lakeview Land Partners Purchase 2 Lake Merritt Apartment Buildings for $5.25MM

August 28th, 2017 — Lakeview Land Partners, LLC. a multi-family housing investment company led by Chris Curtis and Joel Kelly have purchased purchase of 2 apartment buildings in Oakland CA near Lake Merritt. 1528 Alice Street, a 12 unit apartment building and 734 Wesley Avenue, a 5 unit apartment building were purchased simultaneously, however from seperate owners. Lakeview Land Partners, LLC. owns and operates many apartment buildings around Lake Merritt and feel that these 2 assets fit very well into their existing portfolio.

1528 Alice Street, Oakland CA is a well maintained and turnkey property with in-place rents which are approximately 20-30% below market rates. The property is located in the trendy Gold Coast neighborhood, two blocks from Lake Merritt and 5 blocks to downtown Oakland and the Uptown district. Kristopher Lamont of Bay Apartment Advisors represented Lakeview Land Partners on the purchase and Chris Smith of Shamrock Real Estate Company represented the seller.

734 Wesley Way is a beautiful building, constructed in the 1920’s with many recent upgrades, including new windows, and new roof, and updated electrical systems. The property is located in the beautiful Crocker Highlands neighborhood and sits adjacent to the popular Lakeshore shopping district, which includes Trader Joes, Peets Coffee, Chipolte, Starbucks, Walgreens, and may other retailers. The current rents at this property are approximately 20% below market rates. Matt Treadway of Lapham Company represented the seller and Lakeview Land Partners in this transaction.

The combined property purchase price is $5,250,000 which equates to a cap rate of 4% on existing net operating income. 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.