Multihousing Sale Valued at $9,600,000
Oakland, CA (January 15, 2015) — Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, represented the buyer on 1425 Harrison St., Oakland CA. The property, a 61-unit apartment complex, built in 1917, is conveniently located two blocks from 12th Street BART station and Oakland City Center, making the asset a compelling investment opportunity. Cohen Rojas, LLC bought the property for $9,600,000, $157,377 per unit and $201 per square foot.
The ARA Pacific team, led by San Francisco-based Vice President, Mike Colhoun, served as the exclusive advisors on this off market transaction. Mike Colhoun of ARA stated, “The property is located in the central business district of Oakland and average rents are roughly $300 below stabilized market rents per unit. The intrinsic value coupled with immediate rental upside potential upon turnover made the asset quite attractive to the buyers.”
The close proximity to BART, Oakland City Center and downtown Oakland make for a very favorable location of 1425 Harrison St. Strong rents and high occupancy provided additional incentive to investors.
Eli Cohen and Oscar Rojas of Cohen Rojas Capital Partners commented, “We are excited to expand our presence in the Bay Area with the purchase of Harrison Street. This acquisition is consistent with our strategy to acquire and reposition assets in walkable urban areas. We plan on spending additional capital to improve the property’s curb appeal while taking advantage of the City of Oakland’s positive, long-term growth.”
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Mike Colhoun, at email@example.com or 415.273.2177.
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.
About Cohen Rojas, LLC
Cohen Rojas is a private real estate investment firm that focuses on the acquisition, management and repositioning of multifamily properties in growth markets throughout Northern California. We aim to maximize profits while spurring economic development in the communities in which we invest. The company has offices in Sacramento and Mill Valley, CA and has acquired over 700 residential units since 2010. Cohen Rojas is actively making value-add investments in transit-oriented infill areas.