Oakland, CA – May 20, 2016 – CBRE Group, Inc. has announced the sale of 3911 Piedmont Avenue, a mixed-use community located in the heart of the Piedmont Avenue Retail Corridor in Oakland, California.
CBRE Group, Inc. has announced the sale of 3911 Piedmont Avenue, a mixed-use community located in the heart of the Piedmont Avenue Retail Corridor in Oakland, California.
The property sold for $5,150,000 or $271,053 per unit and $305.57 per square foot. The CAP rate was approximately 3.18 percent with a GRM of almost 15.89. The property was sold by the Rose Family and bought by a local investor. CBRE’s East Bay Multifamily team, comprised of Keith Manson, First Vice President, and Zachary Greenwood, Associate, acted as the listing agents and represented the sellers in the transaction. Tsegab Assefa, Vice President and Brokerage Manager at the Lapham Company, Inc., represented the buyer.
“Oakland’s continued renaissance has driven demand for quality, well-located assets with upside potential,” said Manson. “Selling this asset close to a three percent CAP is definitely testimony to that.”
The listing team was able to generate multiple offers and close the sale at a quarter million over the asking price.
Built in 1924, the three-story asset contains a unit mix of three commercial units, eight large studio units and eight large one-bedroom units.
Keith Manson and Zachary Greenwood are leaders in CBRE’s East Bay Multifamily Investment Properties group and serve the investment needs of both property owners and buyers with a focus on the sale of multi-housing properties, land to develop apartment buildings and condominium conversions/reversions.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
