NAI NorCal’s Mitchell Warren Team finds more success with the closing of the 98-unit apartment building for $18.5 million.
Oakland, CA – May 19, 2022 NAI NorCal’s Mitchell Warren Team is excited to announce their most recent off-market closing of La Peralta Apartments in Downtown Oakland. Representing both the buyer and seller, the team skillfully negotiated a sale price of $18,500,000 ($188,775 per unit) at a 4.61% cap rate.
With 93 residential units and 5 office spaces, La Peralta offered a rare opportunity to acquire a historically significant asset in the midst of Oakland’s developmental resurgence. Situated near major employers such as Kaiser Permanente & the Clorox Company, as well as within walking distance to two BART stations, makes this a highly desirable location for tenants.
At La Peralta, residents are greeted with a large atrium entrance, flooding the lobby with natural light, where there are two elevators to access the units. Presently, approximately 40% of the units have been renovated with freshly painted interiors, new cabinetry, granite countertops, laminate wood flooring, and modern appliances creating a comfortable environment with opportunities for more improvements.
Quality East Bay real estate assets are still selling at record-breaking prices and the Mitchell Warren Team leads the way with innovative marketing and matching of buyers with sellers.
The Mitchell Warren Team comprises Senior Vice President Kent Mitchell; Senior Vice President Tim Warren; Senior Investment Advisor Alex Lin; and Investment Advisor Randell Silva.
Brokers
Kent Mitchell Senior Vice President 510.919.4919
kent@nainorcal.com CalDRE #01784628
Tim Warren Senior Vice President 707.363.2463
twarren@nainorcal.com CalDRE #02008347
Alex Lin Senior Investment Advisor 626.348.9192
alin@nainorcal.com CalDRE #02055625
Randell Silva Investment Advisor 209.740.1251
rsilva@nainorcal.com CalDRE #02064884
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, NAI Northern California received the 2021 CoStar Power Broker Award for both Top Sales Firm and Top Leasing Firm in the South Bay/San Jose and East Bay/Oakland markets. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 5 most recognizable commercial real estate brand.
