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 10065 Byron Avenue, a 10-unit, circa 1950’s vintage property, located in Oakland, CA.
ARA San Francisco-based Vice President, Mike Colhoun, represented a local lender, San Gabriel, CA-based Mega Bank, in the sale of the asset. After foreclosing on the asset in 2008, Mega Bank implemented a substantive property rehab program in order to position the asset for sale.
The property was acquired by a local Oakland-based private buyer for $790,000 or $71,800 per unit. The buyer plans to leverage off of the rehab program implemented by the seller with additional unit upgrades.
Investor interest was strong; enhanced by the seller’s favorable financing program.
“Mega Bank’s unusual but desirable financing package, which was comprised of a 5% down payment along with financing, made this a compelling opportunity. We had multiple tours and generated three written offers for the property.” said ARA’s Mike Colhoun.
Occupancy at the time of sale was 40%.
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