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6/04/15
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Lake Merritt Investment Corp paid $3.35 mil for The Creekside Apartments, a 13-unit ($257.7k/unit) apartment building in the Piedmont Avenue Neighborhood of Oakland. The CAP rate was approximately 4.0% with a GRM of just over 14.
The Creekside Apartments is a meticulously maintained, turnkey community originally built in 1964. The units feature a two-bedroom/one-bathroom layout with an on-site laundry facility, balconies or patios, an elevator, and a secured parking garage with a parking space for each unit.
The sellers were private local investors and the buyer was Lake Merritt Investment Corp. Keith Manson and Zach Greenwood of CBRE’s Oakland office represented the sellers, local private investors. Christine Wong of United Brokers Real Estate repped the buyer in the deal.
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