Lakepoint encompasses 60,246 net rentable square feet on a .73-acre parcel at 257 Vernon St. near Lake Merritt and Adam's Point in Oakland. The property was constructed in 1970 and underwent approximately $500,000 in capital improvements in the past 18 months.
Many units have views of Oakland, San Francisco or the Bay and on site amenities include secured underground parking, fitness center and a swimming pool and spa. At the time of the sale, the complex was 98% occupied.
Jacob Levy, a senior associate in Marcus & Millichap's San Francisco office, had the disposition assignment. Property Counselors Inc. represented the ultimate buyer.
The transaction adds further support to the notion that while the commercial real estate market continues to suffer with declining rents and vacancy, there has not been little to no depreciation of apartment buildings in San Francisco. The only drop off is in the number of available properties.
Other recent deals include:
--A 45,000-sf luxury apartment complex, which sold for $16 million. The Tamalpais apartment building, located at 1201 Greenwich St., is a located one block from San Francisco's famous Lombard Street, known as the "crookedest street in the world."
--Two adjacent buildings at 1725 and 1731 Chestnut Streets were sold in separate transaction for $950,000 and $1.5 million, respectively. The 1725 Chestnut St. property is a six-unit property with studios, while 1731 Chestnut Street is a six-unit property with one-bedrooms.
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