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9/23/16
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A local San Francisco buyer paid $15.3 mil for an 84-unit ($182k/unit) multifamily property in Oakland’s Lake Merritt area. The asset, which was acquired in an off-market transaction, is located at 421 East 18th St, at Park Blvd, just three blocks from Lake Merritt.
Built in 1972, the property includes 52 studios, 31 one-bedroom/one-bath units and one one-bedroom plus den managers unit. There are two commercial units on the ground floor and a gated entry to a 19-car parking garage. The property is currently 90 percent leased.
Ben Weil of Paragon Commercial Brokerage represented the buyer in the transaction. The seller, which operates under the name 421 E. 18th Street Partnership, represented themself in the deal.
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