The 4.5-acre landscaped property includes a heated swimming pool, tennis courts; volleyball courts, fitness center and sauna, a walking path and BBQ picnic areas. There is also a shuttle service to downtown businesses as well as Oakland hospitals.

The renovations are slated to begin late this year. Faros has retained Perkins Eastman, an international planning, design and consulting firm based in New York, to complete all improvements. Common areas to be renovated include the lobby, resident lounge, business center, corridors, courtyard, fitness center, pool and tennis courts. The units themselves will also be completely updated, including new kitchen and bathroom amenities.

“Perkins Eastman is among the top architecture and design firms in the world with extensive experience in luxury residential high rises,” said Elliot Gould, managing partner, Faros Properties. “Their innovative designs and sustainable approach align with our vision for the property.”

Washington Plaza Apartments is Faros Properties' first residential project. Plans are underway to purchase additional residential buildings nationwide as part of the firm's current investment strategy.

“We're focused on multi-family assets in urban and in-fill locations in addition to commercial properties in cities that have high concentrations of intellectual capital, strong fundamentals, and strong growth prospects,” said Jeremy Leventhal, managing partner. The firm will seek direct and venture investment opportunities resulting from the economic downturn, he said.