Levin Johnston Closes REO Sale of Redeveloped Oakland Multifamily
Levin Johnston of Marcus & Millichap represented the seller and procured the buyer in the $8.1-million sale of 316 12th St., a recently redeveloped mixed-use property comprising 27 apartment units and two retail/office suites in Downtown Oakland. Executive managing director Adam Levin said it was an REO sale completed on behalf of the original PACE loan lender.
“Our client took possession of this asset shortly after it had been extensively redeveloped and converted from a two-story commercial building to a five-story, mixed-use property featuring apartment homes with modern, attractive in-unit amenities,” said Levin. “While the Oakland market remains challenging in a time of flux, we not only were able to secure a buyer, but procured multiple competitive offers during the bidding process.
“This was achieved through communicating the rare opportunity to acquire the asset at about one-third of the over-$20-million development cost, as well as the value of the new construction components, proximity to major employers and transportation corridors, as well as appealing shopping, dining, and entertainment options,” he continued.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
Learn more
Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
Learn more
Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout