OAKLAND, CA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of 9825-9829 MacArthur Boulevard, a,10-unit circa 1960’s vintage property located in Oakland, CA.
ARA San Francisco-based Vice President, Mike Colhoun, represented an Oakland-based private seller in the transaction. The seller acquired the property in 2009 in an all-cash transaction.
The asset was acquired by a local Oakland-based private buyer who had recently acquired another 12-unit property in the same market.
Despite the fact that competing properties are trading in the $30,000-$40,000 per unit range, Colhoun was successful in generating three offers on the property which traded above market at $497,500 or $50,000 a unit.
According to Colhoun, “The seller previously performed substantive structural and foundation improvements on the property which factored into the above market acquisition price. The buyer had already acquired a similar property in the market and this property was an excellent fit for their investment criteria.”
Occupancy at the time of sale was 60%.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA locally, please contact, Lisa Robinson, lrobinson@ARAusa.com , 678.553.9360.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student& manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com