31-Unit Oakland Property Trades for $9.3MM

Oakland, NAI Northern California, Vernon Gardens Apartments, East Bay

NAI NorCal’s Mitchell Warren Team pressing on with their most recent multifamily sale for $9.275M. 

OAKLAND, CA – December 13, 2021 – NAI Northern California is pleased to announce the sale of Vernon Gardens Apartments, a 31-unit multifamily property located just steps from Oakland’s Morcom Rose Garden. Sold for $9,275,000, at $460 per square foot ($299,193 per unit), the sale has shown a continuation of the team’s confident ability to close top multifamily properties in the East Bay.

The Mitchell Warren Team successfully lined up a purchaser at just over 4% cap rate return for this nearly $10 million asset located adjacent to the Rose Garden in Oakland.  Best Oakland real estate is still selling at record-breaking prices and the Mitchell Warren Team leads the way with innovative matching of Buyers with Sellers.

Vernon Gardens Apartments consists of an ideal unit mix of 2-bedroom, 1-bedroom, and studio units apartments averaging over 598 square feet each. This property is a well maintained pride of ownership property with completed seismic retrofit and is primely located in Grand Lake. The Mitchell Warren Team represented both the buyer and seller in this off-market transaction. This is truly a rare pride of ownership asset in an A+ location.

The Mitchell Warren Team comprises Senior Vice President Kent Mitchell; Senior Vice President Tim Warren; Investment Advisor Randell Silva; and Investment Advisor Alex Lin.

Brokers

Kent Mitchell   Senior Vice President   510.548.2554   
kent@nainorcal.com   CalDRE #01784628
Tim Warren   Senior Vice President   510.336.4719   
twarren@nainorcal.com   CalDRE #02008347
Randell Silva   Investment Advisor   510.244.4667 
rsilva@nainorcal.com   CalDRE #02064884
Alex Lin   Investment Advisor   415.813.5871   
 alin@nainorcal.com CalDRE #02055625

About NAI Northern California

NAI Northern California is a full-service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network, with more than 375 offices worldwide and over 6,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

Recently on the San Francisco Business Times Book of Lists, NAI Northern California hit the top 5 and 6 spots in San Francisco and the East Bay and top 15 Bay Area wide. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 4 most recognizable commercial real estate brand.

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