Lakeview Partners Buys San Leandro Apartment Complex for $6.7MM
Lakeview Land Partners, LLC. a multi-family housing investment company led by Joel Kelly, Chris Curtis, and Kris Lamont have purchased The Villa Esta Apartments, a 28-unit apartment complex located at 355 Estabrook Street in San Leandro, California. The property is within walking distance of the San Leandro downtown district, the new San Leandro Tech Campus, and the San Leandro BART station. Proximity to major freeways and AC Transit provide exceptional access to all of the Bay Area.
The property has been owned and self-managed by an individual for 40+ years and the rents are currently well below market rates. Lakeview Land Partners, LLC. plans a full remodel of the buildings interior common areas, each apartment unit, and the building exterior. “We feel that with this location near downtown San Leandro, BART, and the overall growth of the East Bay that we will be able to execute our plan to make this property vibrant again”, stated managing partner Joel Kelly. The property consists of large one and two bedroom units with private balconies and parking for each.
Lakeview Land Partners, LLC. paid $6,700,000 for the property. Scott MacDonald with Cushman & Wakefield represented the seller in the transaction. Bay Apartment Advisors, an Oakland based property management and brokerage company will professionally manage the property and construction.