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September 20, 2019
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NORTHERN CALIFORNIA NEWS
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Alameda Multifamily Rental Property Sells for $307k/Unit

6/18/19

Buena Vista Apartments, a 52-unit multifamily asset in Alameda, traded hands in a recent transaction valued at $15.95 mil, or $307k/unit. The property is situated on 1.58 acres at 4330-4450 Buena Vista Ave, just west of I-880.

Originally constructed in 1966 and renovated in 2018, the multifamily property consists of two parcels and offers an attractive mix of studios, one- and two-bedroom floor plans. The newly renovated property includes on-site laundry, gated secure entrance, bike storage, barbeque and picnic areas, as well as additional storage units for tenant use.

The property is near the $1 bil Alameda Point development project, which broke ground in 2018 and is expected to create more than 9,000 new jobs in the region. It is also in close proximity to major employers, transportation corridors, shopping, dining and entertainment options.

Adam Levin and Robert Johnston with Levin Johnston represented the seller, a private high net worth investor, in the transaction.

“Alameda is currently experiencing the fastest population growth in the region, making it a highly desirable investment market,” says Levin. “The appeal of this asset is further substantiated by the city’s strong employment fundamentals and low vacancy levels – all factors that will drive high occupancy and a well-sustained renter base for years to come.”






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