NAI Northern California Represents $8MM Sale of 117-Unit Davis-Coit Apartments in Oakland
OAKLAND, CA – DECEMBER 19 2016
NAI Northern California, a member of the world’s premier managed network of commercial real estate firms, is pleased to announce the sale of the Davis-Coit apartments, a 117-unit multifamily complex located at 1445 Harrison Avenue in Oakland, California. Senior Vice President Grant Chappell represented both the buyer and seller in the $8 million dollar sale, one of the largest in the city of Oakland.
A historically significant property, the Davis-Coit Apartments features 105 affordable studios, seven 1-Bedroom, five 2-Bedroom, and one commercial unit. A cell tower, onsite parking, and storage provided additional revenue. Due to close proximity to downtown and higher vacancy factor at close, this property presented a unique value add opportunity for the buyer.
According to Grant Chappell, Senior Vice President at NAI, “The sale presented unique challenges in working with two state agencies and two regulatory agreements, but NAI was able to secure a strong price for the seller and close the deal in approximately 6 months.”
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