Oakland (July 1, 2014) — DeRose & Appelbaum & Long Market Property Partners today announced the $8.4 million sale of 1918 Lakeshore Avenue in Oakland, CA. This 38 unit, six story apartment building is located along Lake Merritt with unobstructed views of both the lake and Oakland skyline.
The joint venture between the two firms bought 1918 Lakeshore in 2013 with the goal of leveraging the property’s unique frontage on Lake Merritt, which has recently been transformed through a multi-million dollar decade long overhaul. After maximizing the value of the building through a thoughtful capital improvement program, including the addition of a zip car hub, the property was better situated to benefit from the strength of the growing Oakland rental market. According to Santino DeRose, Principal of DeRose & Appelbaum, “We are thrilled with the performance of the asset which benefited greatly from the rising tide of the San Francisco apartment market. The timing of our acquisition coupled with basic building upgrades made for great value creation in a short investment period.”
The property was purchased by a private investor. The buyer was represented by Barry Bram of TRI Commercial and the seller represented by DeRose & Appelbaum.
About DeRose & Appelbaum
DeRose & Appelbaum, Inc. is a San Francisco-based real estate company with commercial leasing, property management, and redevelopment/re-positioning expertise. Although focused on commercial in-fill redevelopment projects, with an emphasis on well-located, neglected, urban retail properties, DeRose & Appelbaum, Inc. avails itself of its resources and maintains the flexibility to invest opportunistically in all real estate asset classes.
About Long Market Property Partners
Long Market Property Partners is a privately held real estate company that takes a hands-on approach to owning and operating real estate. We seek investments that allow us to leverage our experience in leasing, property management, capital improvements and tenant relationships to mitigate risk and deliver superior returns to investors. The principals of Long Market have a track record acquiring and repositioning assets across multiple west coast markets and bring a thoughtful blend of both institutional and entrepreneurial strategies to each investment.