Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Fruitvale Apartments, a 15-unit apartment property located in Oakland, California, according to David C. Nelson, Regional Manager of the firm’s Oakland office. The asset sold for $3,250,000. Louis Kwok, multifamily investment specialist in Marcus & Millichap’s Oakland office, advised the transaction for the buyer.
Fruitvale Apartments is located at 3024 Fruitvale Avenue in Oakland’s Lower Dimond District. The property consists of 12 three-bedroom/one-bath units and three two-bedroom/one-bath units. Constructed in 1986, the building is exempt from rent control.
“The buyer added to his portfolio with the purchase, and will upgrade the exterior, parking and perform major unit renovations. Fruitvale Apartments is an example of a property that with proper upgrades, will attract tenants motivated to pay increased rents. More importantly, the building is not subject to rent control, providing the buyer with tremendous freedom and flexibility,” said Louis Kwok.