Arroyo & Company Negotiates Sale Of Waterfront Bay Area Mid-Rise Apartment Building To Carmel Partners

Marina View TowersSan Francisco, CA, – Arroyo & Company announced today that it acted as advisor to a private partnership in the disposition of Marina View Towers, an 84-unit mid-rise waterfront multifamily community located in the central Bay Area city of Alameda, California. The property was acquired by Carmel Partners of San Francisco, California for an undisclosed sum.

The property comprises 84 total units in a single mid-rise structure which, at eight stories, is the tallest apartment building in Alameda, with panoramic views of Downtown Oakland, the Oakland Hills, San Francisco, the Bay Bridge, Jack London Square, and two active marinas.

Originally constructed in 1965, the property includes single-loaded one, two, and three bedroom units that average approximately 881 rentable square feet. Property amenities include floor to ceiling windows and full-length balconies in all units, city and water views from most units, and a common area fitness center.

Marina View Towers is located less than three miles from Downtown Oakland and the Lake Merritt BART Station, less than 15 miles from San Francisco’s Financial District, and within a short drive of the Alameda-Oakland Ferry terminal and its daily commuter access to the San Francisco Ferry Building in approximately 20 minutes.

The seller was represented in the transaction by brokers David Silver and Nathan Blair of San Francisco-based Arroyo & Company, and by attorney William McClure of the Menlo Park-based firm Jorgenson, Siegel, McClure & Flegel LLP. Carmel Partners acted on its own behalf.

Since 2003 the Arroyo & Company | California Multihousing Group has participated in the sale of more than 10,000 multifamily units on a total volume of more than $1.6 Billion. Specializing in the sale of conventional and affordable multifamily housing, retail, and commercial properties, Arroyo & Company provides a wide range of commercial real estate brokerage services for private and institutional investors throughout California and the West.

West Coast Commercial Real Estate News