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BAY AREA NEWS
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Oakland Res Property Sells for $16 Mil

4/06/15

Jackson Courtyard Condominiums, a residential complex in Oakland, sold for $15.9 mil, or about $338k/unit. The project, located at 14th and Jackson streets in Oakland’s Lakeside district, consists of 45 fully rented luxury condominiums, one proposed live-work condominium and one hard-corner retail space.

The location is within easy walking distance of two Bay Area Rapid Transit (BART) stations: 12th Street City Center and Lake Merritt. Oakland City Center, the Broadway/Grand District, Lake Merritt, the Cathedral of Christ the Light, a Saturday farmers’ market, Laney College, the Museum of Children’s Arts and Jack London Square are close by.

Unit amenities at Jackson Courtyard Condominiums include recessed entry doors, granite kitchen and bathroom countertops, wooden kitchen cabinets, stainless-steel appliances, gas stoves, in-unit laundry connections, openable dual-pane windows, wooden floors and walk-in closets. Many apartments have views and the units on the sixth and seventh floors feature 15-foot ceilings.

Community amenities include a gated lobby entry and parking garage, 50 parking spaces with car lifts, a large roof deck with city views, a lobby postal bank and bicycle storage.

Kevin Turner, senior vice president investments in Marcus & Millichap’s Oakland office, represented the seller, 685 Scofield LLC. Both principals are Oakland-based apartment owner/operators.

“This high-quality, seven-story multifamily asset was conceived and built as a condominium project with individual tax parcel numbers,” says Turner. “The new owner has an immediate opportunity to enhance value and add new revenue through the build-out of the retail space and proposed live/work unit and can deploy an exit strategy of selling the condominiums as market conditions dictate.”






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