Levin Johnston of Marcus & Millichap represented the seller and procured the buyer in the $8.1-million sale of 316 12th St., a recently redeveloped mixed-use property comprising 27 apartment units and two retail/office suites in Downtown Oakland. Executive managing director Adam Levin said it was an REO sale completed on behalf of the original PACE loan lender.
“Our client took possession of this asset shortly after it had been extensively redeveloped and converted from a two-story commercial building to a five-story, mixed-use property featuring apartment homes with modern, attractive in-unit amenities,” said Levin. “While the Oakland market remains challenging in a time of flux, we not only were able to secure a buyer, but procured multiple competitive offers during the bidding process.
“This was achieved through communicating the rare opportunity to acquire the asset at about one-third of the over-$20-million development cost, as well as the value of the new construction components, proximity to major employers and transportation corridors, as well as appealing shopping, dining, and entertainment options,” he continued.
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