Oakland Uptown apartments grabbed by East Coast investors
OAKLAND — An apartment complex in downtown Oakland’s bustlng Uptown District has been bought by investors from the East Coast, an indication of realty investment interest in the East Bay’s largest city.
The 80-unit apartment building, perched on the corner of Jefferson and 18th streets in Oakland, was bought by Bell Partners, a North Carolina-based apartment investment and management company.
“Bell Uptown District is our first investment in Northern California,” said Nickolay Bochilo, an executive vice president of investments with Bell Partners. “It underscores our commitment to expanding our presence on the West Coast.”
The apartments, located at 1801 Jefferson St., traded hands for $44.6 million, the buyers said.
A diverse group of employers are located in downtown Oakland near the apartments, including Pandora, Oracle, Kaiser Permanente, Blue Shield, Delta Dental, Clorox.
“We believe in the long term growth potential of the Bay Area and the rapidly transforming Oakland market,” said Bochilo, who handles Western U.S.-area investments for Bell Partners.
Plus, downtown Oakland is closely linked to San Francisco via BART, and soon will be more directly connected to San Jose when BART advances southward in Santa Clara County.
“The property is located in a highly walkable location with close proximity to BART, employment and popular local restaurants,” Bochilo said.
Source:: The Mercury News – Business