NEWS

Another Pride of Ownership Multifamily Property Sold in Oakland

NAI NorCal’s Mitchell Warren Team pressing on with their most recent multifamily sale for $9.275M.

NAI Northern California is pleased to announce the sale of Vernon Gardens Apartments, a 31-unit multifamily property located just steps from Oakland’s Morcom Rose Garden. Sold for $9,275,000, at $460 per square foot, the sale has shown a continuation of the team’s confident ability to close top multifamily properties in the East Bay.

The Mitchell Warren Team successfully lined up a purchaser at just over 4% cap rate return for this nearly $10 million asset located adjacent to the Rose Garden in Oakland.  Best Oakland real estate is still selling at record-breaking prices and the Mitchell Warren Team leads the way with innovative matching of Buyers with Sellers.

Vernon Gardens Apartments consists of an ideal unit mix of 2-bedroom, 1-bedroom, and studio units apartments averaging over 598 square feet each. This property is a well maintained pride of ownership property with completed seismic retrofit and is primely located in Grand Lake. The Mitchell Warren Team represented both the buyer and seller in this off-market transaction. This is truly a rare pride of ownership asset in an A+ location.

The Mitchell Warren Team comprises Senior Vice President Kent Mitchell; Senior Vice President Tim Warren; Investment Advisor Randell Silva; and Investment Advisor Alex Lin.