ALAMEDA, 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 2210 San Jose, a seven-unit circa 1960’s vintage property located in Alameda, CA.
ARA San Francisco-based Vice President, Mike Colhoun, represented an Oregon, WA-based private seller in the transaction who had originally inherited the property as part of an estate.
The asset was acquired by a local Oakland, CA-based private buyer for $990,000 or $141,400 a unit.
This acquisition was the fifth that Colhoun has worked on for the private buyer who has traditionally sought out properties with significant upside rental potential. According to ARA’s Colhoun, “Comparable two-bedroom rents in the market are $1,250 a unit while rents at 2210 San Jose are at $950 a unit so the buyer has the potential to significantly push rents after the completion of several deferred maintenance issues. This type of investment was a perfect match for this buyer’s investment criteria.”
Occupancy at the time of the sale was 100%.
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