|
|
12/01/16
|
Taijirian Investments LLC paid $11 mil for a 25-unit multifamily investment property in Oakland. The transaction works out to approximately $727/sf and $440k/unit, in a deal we’re told represents the highest price per square foot and price per unit ever to be paid for a 10+ unit property in Oakland.
Built in 1953, the property is located at 1824 Lakeshore Ave. It includes 23 one-bedroom/one-bath units and two two-bedroom/1.5-bath units.
The seller, MC Lakeshore 1824, purchased the property in 2013 for $3.2 mil. From 2013-2015 the company invested approximately $4 mil in capital improvements, which included new building systems, reconfiguring the units, solar panels and a roof top deck. The property is currently 100 percent leased.
The Ben Weil Team of Paragon Commercial Brokerage represented both the buyer and seller in the transaction.
“This was a significant value add investment for MC Lakeshore 1824, the extensive structural and cosmetic improvements made to the property were substantial enough for the City of Oakland to reclassify the building from its rent control status,” said Ben Weil, Senior Vice President, Paragon Commercial Brokerage. “Changing that designation is a tricky process that surely paid off.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
