The Vermont Apartments in the Grand Lake District of Oakland, California, has sold to a real estate investment firm.
Veritas Investment purchased 888 Vermont St. from Estopinal Family Partners for $14 million, or about $365 per square foot, in an all-cash deal.
Built in 1968, the three-story, 38,405-square-foot building is located on nearly half an acre of land. The building comprises a mix of studio, one- and two-bedroom apartments and was 98% leased at the time of sale, according to CoStar data.
The deal was part of a 1031 exchange for Estopinal Family Partners. The other half of the deal was not disclosed.
Timothy Warren, Alex Lin, Randell Silva and Kent Mitchell of NAI Northern California in Oakland represented the buyer and the seller in the Vermont Apartments transaction.
Please see CoStar COMPS #4803238 for more information regarding this transaction.