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5/23/22
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La Peralta Apartments, a mixed-use property consisting of 93 residential apartments and five office units in Downtown Oakland, sold for $18.5 mil. The sale closed at 4.61% cap rate.
La Peralta offered a rare opportunity to acquire a historically significant asset in the midst of Oakland’s developmental resurgence. Situated near major employers such as Kaiser Permanente & the Clorox Company, as well as within walking distance to two BART stations, makes this a highly desirable location for tenants.
La Peralta features a large atrium entrance flooding the lobby with natural light, where there are two elevators to access the units. Presently, approximately 40% of the units have been renovated with freshly painted interiors, new cabinetry, granite countertops, laminate wood flooring, and modern appliances creating a comfortable environment with opportunities for more improvements.
Kent Mitchell, Tim Warren, Alex Lin and Randell Silva of The Mitchell Warren Team at NAI NorCal represented both parties in the transaction.
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