Bay Apartment Advisor’s Joel Kelly and Kristopher Lamont have brokered the sale of The Lenox Manor Apartments a 36 unit apartment property in the Adam’s Point area of Oakland, more specifically located at 266 Lenox Avenue.
The buyers (Lenox Manor Partners, LLC), are local investors who own and operate several other properties in Adams Point. The property traded hands for $4,875,000 which equates to $135,416 per unit and $154 per square foot. The capitalization rate is (+/- ) 6% and the purchasers financed 55% of the sales price.
The property consists of 36 residential units which were 100% occupied at the time of sale. The property is one of a very few landmark properties within a short distance to Lake Merritt in Oakland, CA. Having views of Lake Merritt, Downtown Oakland, and the San Francisco Bay, this property offers tenants large units (878 sq. ft average) with vintage charm in a tremendous location. The property has been well maintained for its age (built in 1926).
Kevin Turner of Marcus & Millichap represented the sellers, West Park Apartments, LLC.
About Bay Apartment Advisors
Bay Apartment Advisors is a highly specialized apartment Brokerage firm based in Oakland California. BAA specializes In multi family investment sales, with over 5,000 apartment units sold and counting, we are continually evolving to meet the demands of today’s market. We take great pride in delivering up to date and pertinent investment analysis to our clients regarding the markets we serve.