CBRE Sells 20 Residential Units in Piedmont Ave. Neighborhood in Oakland for $4.7MM

OAKLAND, CA – August 16, 2017 – CBRE has announced the sale of 4114-4134 Howe Street, a four-building apartment community totaling 20 residential units located in the Piedmont Avenue Neighborhood in Oakland, California. Since purchasing the property in 2014, the ownership, Howe Street Properties, LLC, had completed extensive interior and exterior renovations, including high end unit remodels and a new foundation on one of the buildings. The property sold for $4,675,000 which equates to an approximate 3.6 percent CAP rate.

CBRE’s East Bay Multifamily team, led by Keith Manson, Senior Vice President, and Zachary Greenwood, Associate, listed the property and represented the seller in the transaction.

“Despite increasing interest rates and a slight slowdown in the increase in rents this year, the market for well-located apartments in Oakland, and the East Bay as a whole, continues to remain healthy for deals in this middle market price range. It’s a good time for owners to take advantage of the pricing at this high point in the cycle.” said Keith Manson.

Keith Manson leads CBRE’s East Bay Multifamily Investment Properties group who serves the investment needs of both property owners and buyers with a focus on the sale of multifamily properties, land to develop apartment buildings and condominium conversions.

About Cohen Rojas Capital Partners
Cohen Rojas Capital Partners is a private real estate investment firm specializing in value-add residential and mixed-use properties. We aim to maximize profits while spurring economic development in the communities in which we invest. We seek value-add opportunities in transit-oriented, infill markets across Northern California.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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