Colliers Closes Bay Area Portfolio Sale
- Apr 14, 2020
Colliers International Capital Markets has arranged the sale of a 123-unit, two-property portfolio in Oakland, Calif. Executive Vice Presidents Ryan Wagner and Brandon Geraldo acted on behalf of the seller, a private partnership, and procured the buyers, two separate investors. The assets traded for approximately $29 million.
Built in 1961, the 48-unit Cambridge Terrace consists of studios, one-, two- and three-bedroom apartments, averaging 750 square feet. Common-area amenities include a swimming pool and underground parking. Located at 1720 E. 12th Ave. within the Clinton district, Cambridge Terrace is just off Interstate 880 and 7 miles from Oakland International Airport.
The other property is a 75-unit community that came online in 1906. Vue de Lac comprises studios, one- and two-bedroom apartments. During the past decade, the property received renovations to the interiors, kitchens and bathrooms. Situated at 1600 Third Ave., the asset is within a mile of the other property included in the portfolio. Vue de Lac and Cambridge Terrace are roughly 3 miles from a 372-unit luxury development in Alameda, Calif.
Although the current investor sentiment remains uncertain amid the coronavirus crisis, long-term investor demand in the Bay Area is still strong, according to Geraldo. Wagner added that most investors are drawn to middle-market residential opportunities.