OAKLAND, Calif., Oct. 12, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Vern-Lee Apartments, a 45-unit multifamily apartment community located at 245 Lee St. in Oakland’s prestigious Adams Point neighborhood. The $11,825,000 sales price equates to $262,777 per unit.
The asset was purchased on behalf of a private buyer by a local real estate investment company, Riaz Inc. The seller is an Oakland-based long-term family partnership. Kevin Turner, senior vice president investments in Marcus & Millichap’s Oakland office, brokered the sale.
“Vern-Lee has long been considered one of the top apartment buildings in Oakland’s Adams Point neighborhood,” comments Turner. “Its iconic architecture, A-plus location, diverse unit mix and incredible walk, bike and transportation scores give urban professionals an affordable cool housing alternative to San Francisco.”
“We have been looking for a core asset in Adams Point for a while now and are ecstatic to acquire Vern-Lee Apartments,” says Paul DiCarlo, director, Riaz Capital. “We are excited to restore Vern-Lee back to its mid-century heritage and create a wonderful community for its residents. Adams Point is one of the most desirable residential areas in Oakland and we are fortunate to have the opportunity, especially now that Uber is moving to Oakland.”
The 40,512-square-foot apartment building is steps from Whole Foods and a short walk from Lake Merritt. The units are a mix of sunny studios, one-bedroom/one-bath units, two-bedroom/one-bath apartments, two-bedroom/two-bath units and three-bedroom/two-bath apartments. Seven of the units are penthouses with views of downtown Oakland. Community amenities include a gated parking garage, and a swimming pool with a spacious deck.
Riaz Inc., founded by Riaz Taplin, is a fully integrated real estate services and development firm that includes design, construction, project management and asset management services. Riaz Inc. owns and operates 800 units in the East Bay and has over $100 million in assets under management.
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
About Riaz Inc.
Riaz Inc. is a fully integrated real estate firm that understands the entire property cycle from acquiring, entitling, designing, financing, redeveloping and managing to marketing a property for sale. Our comprehensive platform includes experienced construction, project management and asset management capabilities. Our unique conception to completion practice makes Riaz Inc. unlike any other firm in the Bay Area. Our core competency has been in both small-scale luxury redevelopments and mid-market multi-family re-positioning. The principals have successfully invested in the San Francisco luxury market since the 1970’s and in the East Bay multifamily market since the 1990’s. Currently, we own and operate 800 units in the East Bay and have over $100m in assets under management.