Bay Apartment Advisors’ Kristopher Lamont has brokered the sale of a 45 unit apartment complex located at 775, 777 & 779 Kingston Avenue. The property lies on three contiguous parcels with nearly identical 15 unit buildings on each parcel. Kingston Avenue acts as the western border between Oakland and Piedmont and is a tremendous rental location. This property is one of a very few larger properties near Piedmont Avenue and on the City of Piedmont Border. The buildings were constructed in 1959-1962.
The property traded hands for approximately $5,900,000 which equates to (+/- ) $131,000 per unit and a capitalization rate is (+/- ) 5.75% . The purchase included a loan from Chase Bank of 71% LTV with fi xed rate fi nancing.
The buyers (Kingston Avenue Partners, LLC), are led by Christopher Curtis & Joel Kelly. The property fits well into the buyer’s portfolio of apartment buildings in the northern part of Oakland near Lake Merritt and signifies the 3rd large purchase for the partnership since 2011.
Richard Thompson of CBRE represented the sellers, a private family ownership.
About Bay Apartment Advisors
Bay Apartment Advisors is a highly specialized apartment Brokerage firm based in Oakland California. BAA focuses Solely on the brokerage, management, and investment of Apartment Buildings. Since 2010 Bay Apartment Advisors has been a market leader of Multi-Family housing transactions in the San Francisco Bay Area.