Multifamily Investors Attracted to Bay Area Submarkets for Mid-Market Buys
JLL Multifamily Capital Markets team completes sale of midsize buildings in Oakland’s Adams Point and San Francisco’s Cow Hollow neighborhoods.
SAN FRANCISCO and OAKLAND CA, May 8, 2019 – JLL multifamily experts recently completed the sale of two apartment buildings in hot Bay Area residential submarkets, indicating an attractiveness for midmarket apartment buys among multifamily investors and a growing willingness to sell among long-time owners.
The two buildings – 2640 Greenwich St. in San Francisco’s Cow Hollow neighborhood and Perkins Manor at 270 Perkins Street in Uptown Oakland’s Adams Point neighborhood – were both owned separately by private families. Neither building had changed hands in more than thirty years. Stephen Jackson and Joe Owens of JLL represented both sellers.
“Bay Area apartments continue to have wide appeal among investors and this is prompting more long term owners to unlock the value in their assets through a sale,” said Stephen Jackson, Senior Vice President, JLL.
2640 Greenwich St. is a seventeen unit multifamily property built in 1964. The building was purchased by Ballast Investments for $10.515M or $618,529 per unit.
Perkins Manor is a 26-unit, property built in 1966. It was purchased by a venture between two Oakland-based investors, Rubenstein Capital and Friedkin Investments, for $7.9M or $303,846 per unit.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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In Northern California, JLL is a market leader employing more than 1,200 of the Bay Area super-region’s most recognized and technologically-adept industry experts. The firm offers a broad range of services in the region including office, industrial/logistics, retail, healthcare and data center brokerage and provides tenant representation to many of the area’s largest employers and most dynamic technology start ups.
In addition, JLL provides property and facility management services to landlords and corporate users --and capital markets and multifamily investment expertise to major institutional investors. JLL also offers ground up development services, as well as related services within the real estate leasing, investment and management process to major landlords.
JLL’s Northern California organization is proud of its culture (for the last several years it has been named among the region’s Best Places to Work) as well as its work for clients. Its Northern California real estate experts are regularly recognized for their work in some of the region’s largest and most significant real estate transactions. In 2019, JLL Northern California won the JLL Cup, cementing its position as one of the most dynamic regions in the Americas.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com