Colliers Closes Bay Area Portfolio Sale

Executive Vice Presidents Ryan Wagner and Brandon Geraldo represented the seller and procured the buyers.
Vue de Lac. Image courtesy of Colliers
Vue de Lac. Image courtesy of Colliers

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. 

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