Company Affiliate Purchases 75-Unit Class-A Property in Oakland
BOSTON–Berkshire Group, a real estate investment management company known for its vertically-integrated operating platform and experience in the multifamily sector, today announced that an affiliate of the Company has acquired 901 Jefferson, a 75-unit Class-A apartment community located in Oakland, California.
Specific financial terms of the transaction were not disclosed. The property was acquired from Madison Park Financial. Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community.
“We believe Oakland has solid underlying fundamentals, and we expect the market’s strong tech sector and relative affordability to drive both population and employment growth,” said David Olney, Managing Director, Head of Multifamily Investments, Berkshire Group. “901 Jefferson allows us to further expand into this market, and we view it as a compelling property – it is a modern class-A community in a gentrifying live-work-play environment with access to public transit and major roadways, close to the Bay Area’s major employment centers.”
Built in 2008, 901 Jefferson is situated in Downtown Oakland, in close proximity to the Bay Area’s transit system, BART, as well as major roadways I-80 and I-580, offering access to San Francisco’s Downtown and Financial District areas, as well as the greater East Bay including Berkeley, Emeryville, and Walnut Creek. Unit interiors feature modern finishes such as hard stone countertops, stainless steel appliances, and in-unit laundry appliances. Resident common spaces include a central courtyard with portable grills, as well as parking.
About Berkshire Group
Berkshire Group is a real estate investment management company known for its vertically integrated operating platform and experience in the multifamily sector. Berkshire deploys capital primarily through equity, debt and development in the multifamily arena, as well as through opportunistic ventures in other real estate sectors such as senior housing, lodging, and medical offices. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience across the multifamily real estate spectrum in disciplines including acquisitions, asset and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of September 30, 2014, Berkshire Group had $5.7 billion in assets under management. For more information on Berkshire, please visit www.berkshire-group.com.