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Investor sees end of pandemic effects as it lists Oakland Hills apartments
Seattle firm look to exit after getting 59-unit fully leased
An investor’s listing of an apartment complex in Oakland comes with a premium price and an eye on the end of the pandemic.
The property, with the address of 4690 Tompkins Avenue, is a 59-unit residential building with a unique mix of apartments in the upscale section of the city. It contains 40 luxury units, eight age-restricted cottage apartments for residents that are 55 years and older and 11-co-living units, according to a listing from Marcus & Millichap.
The $36.5 million ask on the complex comes to price per unit of $618,644.
A 246-unit apartment building sold in Fremont earlier this week for $127 million, or $516,000 per unit.
According to Marcus & Millichap’s Joe Owens, one of the agents in charge of the listing, Daly is seeking a sale on a value-add basis after getting the complex fully leased and through the pandemic.
“Now that we’re coming out COVID-19, it’s time to move on,” Owens said when asked about Daly’s strategy.
The 55,759-square-foot complex, now known as The Paloma at Oakland Hills, was originally built as a rest home for the Woman’s Home Missionary Society of the Methodist Church in the late 1920s, according to an Oakland Landmarks Preservation Board filing from 2018. The property, then known as the Beulah Rest Home, was expanded over the first three decades after its completion. Aside from the original two-story building facing Tompkins Avenue, two other low-rise structures were added to the site.
The property has since been renovated to have “Mediterranean-style architecture,” according to Daly Partners’ website.
The firm is looking to lure in buyers with incentives. According to the listing, the entire complex is subject to a tax abatement that applies in perpetuity. The property was also granted a certificate of occupancy that provides rent-control exemptions.
Daly Partners has a total of 12 properties in its portfolio, according to its website. Most of its assets are in Seattle. This includes the NHabit Belltown, which Daly claims is Seattle’s first modular apartment building.