OAKLAND, CA-BRE Properties Inc. has acquired the Landing at Jack London Square here for $64.9 million. The class-A, waterfront apartment community of 282 apartment homes is located three blocks from the center of Jack London Square, a regional destination for dining, shopping and entertainment.
Irvine, CA-based Brett Betzler, a director and Mary Ann King, president of Moran & Co. represented the seller in the transaction, which Betzler tells GlobeSt.com is a joint venture of Legacy Partners and Cornerstone Real Estate Advisers.
“This is an attractive opportunity to invest in a waterfront, market-rate community in one of California’s strongest rental markets,” says Stephen Dominiak, executive vice president and chief investment officer of BRE. “The community was purchased at a discount to replacement cost and further supports BRE’s strategy of concentrating capital and expansion in the Bay Area. According to a prepared company statement, the community’s low density of 31 apartment homes per acre is unique in an urban infill location and is expected to provide BRE with a competitive advantage in the market.” The property was acquired on an unencumbered basis with proceeds from the company’s recently completed equity offering, which closed on May 11, 2011. The Landing at Jack London Square is expected to generate a first year net operating income to acquisition cost yield of approximately 5% and is currently 95% occupied.
Built in 2001, the urban infill property consists of four buildings with an average unit size of 914 square feet. Each building consists of three levels of apartment homes over a single level, at-grade parking structure. The buildings’ orientation provides over 30% of the apartment homes with water views.
The transit-oriented community is within walking distance of the Alameda/Oakland Ferry dock, the Lake Merritt BART Station, 12th Street/City Center BART station and the new Jack London Square Amtrak rail station, and is convenient to the Oakland airport and downtown San Francisco, says the release. Major employers in the area include the Clorox Co., Kaiser Permanente, Ask.com, Federal Government and APL Ltd. Downtown Oakland currently houses an estimated 11.5 million square feet of office space and approximately 76,000 workers.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
