Oakland—February 4, 2015—Brandon Geraldo and Ryan Rodriguez of the Investment Services Group with Colliers International in Oakland recently closed one of the largest multifamily transactions in Oakland over the last twelve months. Vaughn Management, a family operated syndication business has acquired 350 Newton Avenue, a 42-unit community two blocks from Lake Merritt in Oakland, California. The trophy asset generated significant interest from private capital groups as well as several institutional buyers. “350 Newton is a complimentary asset to our existing Oakland portfolio and leverages our knowledge and human capital to provide quality returns to our partners”, said Brad Vaughn, President of Vaughn Management.
The 42-unit apartment community, located just two blocks from Lake Merritt, sold for Seven Million Six Hundred and Fifty Thousand Dollars (7,650,000.00) – Two Hundred Thousand Dollars ($200,000.00) over the asking price. The Seller, SB Pacific Group, acquired the asset in June of 2012 for $4,900,000 – an appreciation of 36% in two and a half years.
The asset, which offers a mix of one and two-bedroom units, thirty-two private garages, a swimming pool, on-site laundry facility and BBQ area provides several amenities not commonly found in the Lake Merritt area. The demand for well-located multifamily assets in core East Bay locations is extremely high”, said Brandon Geraldo. “Limited inventory coupled with high demand is driving multifamily transaction volume to pre-recession levels with no end in sight.”
About Vaughn Management
Vaughn Management is a family operated syndication business with multi-family and commercial assets throughout California and Oregon. We work with family offices and high net worth individuals across the country to identify and acquire assets that typically require value add capital as well as operational improvement. We provide significant equity capital alongside partners and have been active for over 30 years.
About SB Pacific Group
SB Pacific Group is a real estate development company with a diverse portfolio of properties in high-growth infill submarkets. We rapidly develop undervalued properties into vibrant, high-value real estate assets, to achieve maximum returns. We produce exceptional returns through renovation, improvement, tight cost controls and professional management that develop properties beyond initial values. We have over 20 years of experience in acquisition, development and management of commercial, residential, mixed-use and specialty product types. With a growing portfolio of investments, the company has steadily expanded and transformed in the two decades since it was established in 1986. The founding partners first produced quality residential rehabilitation and remodels in the San Francisco Bay Area. Moving on to develop small multi-family rental properties in California and Texas, the company is experienced in repositioning and redeveloping under-managed and under-developed properties. Today, the firm successfully handles large investments and luxury redevelopment projects in multiple locales.
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 15,800 professionals operating out of more than 485 offices in 63 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.