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.