The buyer was Berkeley-based Elmwood Realty, an investment partnership. The property was 95% leased at the time of sale. Based on in-place rents, the investment has an 8.6% capitalization rate, according to Colliers International. Colliers brokers Kevin Turner and David Wolfe represented Pacific Properties in the transaction and also secured the buyer.

Grand Lake Terrace is a five-story wood frame and stucco building located at 520 Van Buren St. in Oakland's Adam's Point area. The 84,698-sf upscale complex was built in 1969 and recently renovated. It sits on 1.2 acres and includes an underground garage.

The unit mix is 84 one-bedroom, 21 two-bedroom and four three-bedroom apartments, ranging in size from 695 to 1,410 sf. All units have a balcony or patio and many units have views of Lake Merritt and the Oakland Hills. Rental rates range from $632 to $2,054 per month.