Oakland, Calif. (September 23, 2020) – Colliers International’s San Francisco Multifamily Investment Services team recently represented the buyer and seller in the sale of a 13,889 square-foot, 16-unit multifamily property in Oakland’s Piedmont Avenue shopping district. The building, located at 3671 Harrison Street, closed escrow on August 21, 2020 and sold for $5,200,000 ($325,000 per unit). Brokers Matthew Flaherty, Brandon Geraldo, Ryan Wagner and Kalah Espinoza represented the seller, while Executive Vice Presidents Brad Lagomarsino and James Devincenti represented the buyer.
“The investment group purchased 3761 Harrison Street to satisfy a portion of a 1031 exchange,” explained Lagomarsino. “This property is a great value-add opportunity that complements the buyer’s Oakland portfolio.”
The multifamily community is comprised of 16 total units of varying layouts; nine two-bedroom and two-bath, one two-bedroom and one and one-half bath and six one-bedroom and one-bath units. Sixteen controlled-access, garage parking spots are included in the property’s total square footage.
The property was constructed in 1988 and features a reinforced concrete foundation, double-paned windows and wall heaters.
“As a result of our unique capital markets platform, the property generated significant interest from a wide range of capital groups,” said Flaherty. “Despite difficulties with the advent of COVID-19, the market clearly indicated an appetite for a well-located, vintage property in one of the most desirable West Coast locations.”
3761 Harrison Street is a five-minute walk to Piedmont Avenue’s retail, dining and entertainment scene, including the historic Piedmont Theatre and Michelin-starred Commis. Kaiser Permanente, the area’s largest employer, is only a six-minute walk from the property. Transportation around the property is abundant and accessible. One mile from the subject property is the MacArthur BART station, and within one block is a pick-up for the Express “P” Line into downtown San Francisco. Major interstate freeways, I-80 and 580, are accessible from the property, connecting the greater East Bay with San Francisco.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.