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August 11, 2020
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Oakland Multifamily Traded in $14 Mil Transaction


Vermont Apartments, a 44-unit multifamily property in the heart of Oakland's Grand Lake neighborhood, sold for $14 mil, or $318k/unit, in an all-cash deal. The seller was as investor in a 1031 exchange deal.

Constructed in 1968, Vermont Apartments sits on a 19.7k sf lot and consists of two two-bedroom/two-bath penthouse units, nine two-bedroom/one-bath units, 28 one-bedroom/one-bath units, and five studio units. The project sits above 43 garage spaces, offering a nearly 1-to-1 parking ratio, and includes four on-site laundry rooms, a beautiful pool, and balconies with sweeping views. Over the years, it has been very well maintained and provides the new owners with the potential of significant upside upon unit turnover.

Vermont Apartments is centrally located, with easy access to the 19th Street BART station and several city bus lines, just blocks away from Trader Joe's, the Oakland-Grand Lake Farmer's Market, various cafes, and Lake Merritt, providing tenants convenient access to many daily amenities. Furthermore, many of Oakland's best restaurants and nighttime attractions are within walking distance, including the Grand Lake Theatre and shopping opportunities such as Gap, Urban Indigo, and others.

Tim Warren, Kent Mitchell, Randell Silva, and Alex Lin with NAI Northern California represented the seller in the transaction. In addition, they were also able to find a replacement exchange property for the seller.

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