Oakland Community Trades in All-Cash Sale
- Jul 01, 2019
NAI Northern California has arranged the sale of Vermont Apartments, a 44-unit community in Oakland, Calif., for $14 million in an all-cash deal. The brokerage firm represented the seller and secured the buyer. Additionally, NAI found a replacement property to meet the client’s 1031 exchange requirements.
Located at 888 Vermont St., the community is near Interstate 580, approximately 2 miles from downtown Oakland and 24 miles away from San Francisco International Airport. The property offers easy access to the 19th Street BART station through local bus lines. Vermont Apartments is situated in a dense residential area, near shopping options including Trader Joe’s and the Oakland-Grand Lake Farmers Market.
Built in 1968, the property occupies a 19,700-square-foot lot and comprises a mix of studio, one- and two-bedroom units. The building features laundry rooms, a pool, balconies and 43 garage spaces.
The NAI team brokering the deal included Vice President Tim Warren, Senior Vice President Kent Mitchell, Investment Analyst Alex Lin and Investment Advisor Randell Silva.