Harrison Street Apartments

The Harrison Street Apartments, a 61-unit property in the Lakeside neighborhood of Oakland, CA was acquired off market. The building was owned by a partnership that we purchased a building from the year before, and we were able to obtain this property off-market based on our track record with the sellers. The building had several tenants paying rents that are well below market and extensive deferred maintenance. We refreshed the interior common areas with new paint, carpet and increased lighting and created a usable park-like setting in the courtyard that was previously just used for trash. Throughout our 2-year hold we increased gross rents by 26%, turning over and remodeling approximately 35% of the apartments.