William Lindsey’s firm has picked up eight apartment buildings across Oakland for a combined $62.8 million.
Affiliates of PCCP, the Los Angeles-based investor co-founded by Lindsey that was formerly known as Pacific Coast Capital Partners, bought housing complexes between 11 and 88 units near Lake Merritt and Interstate 580, the San Jose Mercury News reported.
The sellers were companies controlled by Yat-Pang Au, CEO of San Francisco-based Veritas Investments, once San Francisco’s largest apartment landlord.
The combined deals for the 337 apartments work out to $186,350 per unit.
The purchases by PCCP include:
- An 88-unit complex at 257 Vernon Street in Adams Point for $17.5 million.
- A 75-unit complex 1600 Third Avenue near Lake Merritt for $10.7 million.
- A 44-unit complex at 888 Vermont Street for $8.1 million.
- A 36-unit building at 630 Mariposa Avenue for $6.9 million.
- A 36-unit building at 345 Macarthur Boulevard for $6.7 million.
- A 31-unit complex at 100 Monte Cresta Avenue for $6 million.
- An 11-unit building at 226 and 230 Orange Street for $3.6 million.
- And a 16-unit complex at 355 Staten Avenue for $3.3 million.
The combined price was 40.1 percent below the total assessed value of the eight apartment properties of $104.8 million as of January 2024.
A year ago, Veritas lost a third of its multifamily holdings in San Francisco, after defaulting on $1 billion in loans tied to 95 rent-controlled properties.
In an unprecedented public auction, Toronto-based Brookfield and locally based Ballast Investments took control of 2,150 units in 76 of the apartment buildings after purchasing nearly $1 billion in debt tied to the properties.
PCCP, founded as Pacific Coast Capital Partners in 1998, has $25.3 billion in assets under management, with offices in Los Angeles, El Segundo, New York, San Francisco and Atlanta, according to its website.
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