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1/04/17
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The Davis-Coit apartments, a 117-unit multifamily complex in Oakland, sold for $8 mil ($68.4k/unit) in a recent transaction. The property is located at 1445 Harrison Ave, a couple of blocks west of Lake Merritt.
A historically significant property, the Davis-Coit Apartments features 105 affordable studios, seven one-bedroom apartments, five two-bedroom apartments, and one commercial unit. A cell tower, onsite parking, and storage provided additional revenue.
Grant Chappell with NAI Capital represented both the buyer and seller in the transaction. According to Chappell, due to the property’s close proximity to downtown and higher vacancy factor at close, it presented a unique value-add opportunity for the buyer.
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