Riaz’s Successful Search in Adams Point
- Oct 15, 2015
Riaz Inc. recently completed the $11.8 million purchase of a residential community in Oakland’s Adams Point neighborhood. Marcus & Millichap’s Kevin Turner, a senior vice president based in the firm’s Oakland office, arranged the transaction. San Francisco-based Riaz acquired the property from a local family partnership.
Vern-Lee Apartments is a 45-unit property that totals 40,152 square feet of space. Located at 245 Lee St., the property offers studios, one-, two-, and three-bedroom floorplans. Seven of the apartments are penthouse units overlooking the city’s core. Residents have access to a swimming pool, a gated parking garage, and a deck. The asset is near Lake Merritt and a local Whole Foods store.
The acquisition expands Riaz’s residential holdings to 800 units and more than $100 million in assets under management.
The purchase ends a long search for the new owner. “We have been looking for a core asset in Adams Point for a while now and are ecstatic to acquire Vern-Lee Apartments,” said Paul DiCarlo, the firm’s director of finance and acquisitions, in a statement.