Oakland, CA – CBRE today announces the sale of a Portfolio of Trust Properties in the Piedmont Avenue retail district of Oakland. Comprised of 4 separate properties on Piedmont Avenue and Howe Street, the portfolio contained a total of 36 multifamily units and 6 commercial units. Marketed for the first time in 50 years, these highly coveted buildings sold individually for a combined total of $7,643,000 which equates to $181,976.19 per unit. The CAP rates ranged from 2.67% to 3.17%. These properties were part of a family trust and were sold in a Trustee sale. John C. Suttle of Suttle Law, P.C. acted as the Seller’s Trustee. Keith Manson and Zachary Greenwood of CBRE were the listing agents representing the Seller on all transactions. Cohen Rojas Capital Partners, the buyers of 4120 and 4132 Howe Street, and a local Private Investor, the buyer of 4084 Piedmont Avenue, were represented by Keith Manson and Zachary Greenwood. Santino DeRose of DeRose Appelbaum, Inc., represented himself and his partners on the purchase of 4250 Piedmont Avenue.
Keith Manson leads CBRE’s East Bay Private Capital Multifamily Team and serves the investment needs of the Private Investor – both property owners and buyers – with a focus on the sale of multifamily properties, land to develop apartment buildings and condominium conversions/reversions.
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 (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.