37 Units in Adams Point (Oakland CA) Sells for $4.8MM

Bay Apartment Advisors has sold 37 Units at 266 Adams Street in the Lake Merritt area of Adams Point in Oakland Ca.  The property, located at the corner of Adams and Lee Streets, sold for $4,800,000 or $129,729 per unit and $144 per square foot.  “The property fits perfectly into the buyer’s apartment portfolio; he recognizes the value of Adams Point apartments and more specifically well-constructed properties such as 266 Adams”, said Kristopher Lamont of Bay Apartment Advisors who represented the buyer.  This property represents the up-leg transaction of the buyer’s 1031 exchange, in which he sold 15 Units in San Leandro CA, which closed in early January 2012, also brokered by Lamont.

This sale marks the 4th large apartment building in Adams Point brokered by Bay Apartment Advisors, in the Adams Point Submarket in the past 10 Months. The submarket values have remained stable & the rental market has heated up, which has pushed investors back into the market.

Kevin Turner of Marcus & Millichap represented the seller in this transaction.

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