Presidio Bay Ventures Sells Oakland Multifamily Development In Record-Breaking Deal
Presidio Bay Ventures has sold a luxury Oakland apartment complex to an undisclosed buyer in the East Bay's largest per-unit multifamily transaction to date.
The Amador, a 25-unit building at 4445 Piedmont Ave., went for $19.4M, or $776K per unit, according to CBRE, which represented Presidio Bay Ventures. The transaction closed in May.
Developed by Presidio Bay Ventures and completed in May 2018, the complex features a mix of for-rent one- and two-bedroom luxury units averaging 986 SF, with an amenity package including a rooftop lounge, a barbecue area, gated access and private parking, as well as over 2K SF of ground-floor retail.
"With true California modern design and a practical mix of in-unit and complex-wide amenities that make everyday living easy and fun, we know we’ve created something truly valuable,” Presidio Bay Ventures Managing Director K. Cyrus Sanandaji said in a statement.
The $19.4M deal topped CRC Development's sale in 2017 of its 25-unit Oakland property at 528 Thomas L. Berkeley Way, which sold for $16.5M (or $660K per unit) and was previously the most expensive multifamily deal on a per-unit basis in the East Bay, according to sources familiar with both deals. That Uptown Oakland complex was purchased by San Francisco-based Flynn Investments.
The retail space at 4445 Piedmont Ave. is being leased by X-Core, a local fitness studio.
Headquartered in San Francisco, Presidio Bay Ventures is a CRE investment and development firm with assets across the U.S. but heavily concentrated in S.F. Among many current projects, the company is teaming up with TMG Partners on a 250-unit project on a 1.5-acre parcel within the city's master-planned Pier 70 site, according to the San Francisco Business Times.
CBRE's team marketing the asset consisted of Executive Vice President Matt Kroger, Executive Vice President Jefrey Henderson, Senior Vice President Keith Manson, Sales Associate Jon Teel and Senior Associate Zach Greenwood.