Source: Berkshire Group / #Apartments #Multifamily
OAKLAND, CA - Berkshire Group, a real estate investment management company known for its vertically-integrated operating platform and experience in the multifamily sector, today announced that an affiliate of the Company has acquired 901 Jefferson, a 75-unit Class-A apartment community located in Oakland, California.
Specific financial terms of the transaction were not disclosed. The property was acquired from Madison Park Financial. Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community.
“We believe Oakland has solid underlying fundamentals, and we expect the market’s strong tech sector and relative affordability to drive both population and employment growth,” said David Olney, Managing Director, Head of Multifamily Investments, Berkshire Group. “901 Jefferson allows us to further expand into this market, and we view it as a compelling property – it is a modern class-A community in a gentrifying live-work-play environment with access to public transit and major roadways, close to the Bay Area’s major employment centers.”
Built in 2008, 901 Jefferson is situated in Downtown Oakland, in close proximity to the Bay Area’s transit system, BART, as well as major roadways I-80 and I-580, offering access to San Francisco’s Downtown and Financial District areas, as well as the greater East Bay including Berkeley, Emeryville, and Walnut Creek. Unit interiors feature modern finishes such as hard stone countertops, stainless steel appliances, and in-unit laundry appliances. Resident common spaces include a central courtyard with portable grills, as well as parking.