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7/18/16
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A 28-unit property in the Piedmont/Grand Lake district of Oakland sold for $9.75 mil, or $350k/unit. This was the first time the property has changed hands in over 25 years.
The property is in the quiet and upscale Piedmont/Oakland border, one of the most desirable neighborhoods in Alameda County. The building has a large penthouse, an open-air, landscaped central atrium, and all units have private balconies and 1:1 parking. A desirable location near BART, Whole Foods, Trader Joe's, and a variety of other shops, restaurants, and entertainment options will help this building continue to demand premium rents.
Both parties were represented by Shivu Srinivasan with NAI Northern California. According to Srinivasan, the seller agreed to carry paper at a 10 year fixed rate of 3.00%.
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