Berkeley, CA – The Pinza Group, Inc, a leading Bay Area Investment Real Estate Brokerage, has announced the sale of a prized North Berkeley apartment building: The Luxor Apartments. This 24 unit building is located on 1406 Henry St in the heart of North Berkeley’s Gourmet Ghetto. The sales price was $7,500,000 with the Buyer paying the commission outside of escrow, making the real purchase price closer to $8,000,000, which represents a purchase price of over $325,000 per unit. This is the highest price per door since Pinza’s last sale in Berkeley of 1800 Spruce St, a 26 unit apartment building.
Steven Pinza, Esq (a 2014 Top Sales Broker according to CoStar, Inc), President of the Pinza Group, Inc (a 2014 Top Sales Firm according to CoStar, Inc), represented the Buyer and Seller on this transaction, which was done off market. “The Seller just purchased the property a year ago for a price that was well below market even at that time. I knew he had significant equity in the building and presented him with an opportunity to make nearly $2,000,000 in one year, and exchange into a property with far better cash flow.” says Pinza. “This is the second 20+ unit apartment sale I have sold in Berkeley this year, and both have set records. Values now in Berkeley are through the roof. ” adds Pinza.
The Luxor Apartments contain a total of 24 1bd/1bth units of 746 square feet. The three story apartment building has underground parking, an on-site laundry facility and an internal elevator. There have been tremendous improvements worth over $500,000 which include new roof, parking security, new decking and much more. There are individual storage units for all the tenants which are given for free but could be rented for additional income upon turnover. The property is situated in the vibrant North Shattuck neighborhood, an area that is known as the “Gourmet Ghetto”. This area is characterized by an eclectic mix of gourmet restaurants and boutiques, cafes, entertainment venues and much more. This property is a few blocks from BART making it perfect for not only students but young professionals.
About The Pinza Group, Inc.
Founded in 2013, The Pinza Group is an investment real estate company built on a strong foundation of integrity, dedication, and experience which allows us to provide significant value to existing and future clients. Since The Pinza Group focuses exclusively on investment real estate, all of our efforts and resources are spent researching, brokering, and underwriting commercial properties in Northern California. The Pinza Group has devoted significant resources to build an effective list of owners, investors, and brokers in the area which has allowed us to create an innovative marketing platform allowing us to deliver incredible value to both owners and investors. The Pinza Group Property Management, Inc. currently manages over 30 investment properties throughout the East Bay. For more on property management, an estimate of value, or investments visit: www.pinzagroup.com or Info@pinzagroup.com.