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Pacific Property, GMAC Sell East Bay Apartments

OAKLAND, CA-After repositioning the property and raising occupancy, the joint venture sells the 109-unit Grand Lake Terrace in Oakland's Adams Point district off Lake Merritt to a private family trust for $12.25 million. The property was 94% occupied at the time of sale.

By Brian K. Miller | Updated on March 23, 2003

OAKLAND, CA-Pacific Property Co. of Palo Alto and GMAC Commercial Mortgage have sold the 109-unit Grand Lake Terrace in Oakland’s Adams Point district off Lake Merritt to a private family trust for $12.25 million.

The joint venture bought the six-story complex at 520 Van Buren Ave. in June 2000 and invested $600,000 to improve interior hallways, apartment interiors and exterior landscaping. Occupancy was 94% at the time of sale.

Without saying how much it paid for the property, Steve Weilbach, Regional Director of Acquisitions in Pacific’s Northern California Office, said the property was sold “earlier than planned” because of the “excellent investment return” that was achieved.

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