SF Bay Community Changes Hands
- Nov 13, 2017
HFF has arranged the sale of Atlantic Apartments, a 186-unit, value-add, garden-style apartment community in Alameda, Calif. The firm has represented the buyer in the transaction. Private owner, Patsy Kauffman and Atlantic Apartments Trust were the sellers of the property.
Situated at 1825 Poggi St., Atlantic Apartments is within one mile from Alameda Landing, a 291,000-square-foot retail center, featuring tenants such as Target, Safeway and In-N-Out Burger. Alameda Point, a development site approved for approximately 600,000 square feet of commercial space is also less than two miles away. Besides these, the area offers 15 acres of public parks, 800 residential units and provides easy access to major employers and amenities in downtown Oakland and Jack London Square.
Built in 1967, Atlantic Apartments is a four-building community situated on approximately four acres. The property features one- and two-bedroom apartments, averaging 769 square feet. Community amenities include:
- two swimming pools
- five laundry facilities
- 210 partially covered, grade-level parking spaces
The HFF investment advisory team representing the buyer included Managing Director Scott Bales, Associate Peter Yorck and Analysts Miles Kersten and Eric Bet. In October, the firm also secured a $17 million construction loan for 901 Tennessee, a 40-unit luxury development in San Francisco.
Image courtesy of Yardi Matrix