Private Equity Real Estate Giant Buys Bay Area Multifamily Tower
Invesco Real Estate has purchased a development site at 2270 Broadway in Oakland's uptown district from Lakeshore Partners.
Oakland is one of the nation's top multifamily markets, says Invesco Real Estate managing director Bill Grubbs. The company plans to deliver a transit-oriented project in an urban live/work/play environment.
The fully entitled site is slated for a 24-story residential high-rise tower with 223 units, a fitness center, a club room, bike storage, a pet wash and a rooftop terrace. The property is walking distance from the 19th Street BART station.
The site is within Oakland's Broadway-Valedez District Specific Plan, intended to streamline development within its boundaries. Matt Kroger and Bill Cumbelich of CBRE repped Invesco.