Oakland-based Signature Development Group sold the 33-unit Idora Apartments in Oakland’s Temescal submarket, located at 5239 Claremont Avenue for $20 million, or just over $606,000 per unit, according to public documents. The buyer was Mill Valley-based St. Regis Properties. Signature had recently completed the project and has been in the process of leasing it. According to the property’s web site, as of this date the new owner still has 30 units to lease. The property is advertising one-bedroom apartments from $2,820 to $3,626 and two-bedroom apartments from $3,810 to $5,500.
The sale of the property marks the second time the two organizations have worked together. Another project, which Signature initiated and sold to St. Regis, is the 50-unit development located at 459 8th Street, also in Oakland, designed by YHLA Architects. That development is under construction presently.
Signature Development will now be setting its efforts on the $1.5 billion, 65-acre Brooklyn Basin development, which the company just secured financing to complete with Swiss banking giant UBS. The first project, Terrace Apartments, is set to break ground imminently. The development is a 241-unit apartment project that Signature and UBS will embark on with an expected completion date of late 2018 or early 2019. San Francisco’s BAR Architects designed the structure and worked in conjunction with Bruce Jett Associates as the landscape architects and BKF Engineers, who is providing civil engineering services.