46-Unit Multifamily Asset in Oakland Sells for $13.5MM

OAKLAND, Calif. (Oct. 1, 2018) – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 315 Wayne Place, a 40,041-rentable-square-foot, 46-unit apartment property in Oakland, California, according to David C. Nelson, regional manager of the firm’s Oakland office. The asset sold for $13.5 million, which equates to $293,478 per unit.

“The property’s prime location in Oakland’s Lakeshore District is just minutes from Lake Merritt,” says Kevin Turner, senior managing director investments in Marcus & Millichap’s Oakland office.

The principals were represented by Turner and Kristopher Lamont.

Constructed in 1966, 315 Wayne Place consists of five studios, 27 one-bedroom/one-bath units, 12 two-bedroom/one-bath apartments, a two-bedroom/two-bath penthouse and a three-bedroom/two-bath penthouse.

About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

West Coast Commercial Real Estate News