News

A JV between DeRose & Appelbaum and Long Market Property Partners snapped up 1918 Lakeshore Ave, a six-story, 38-unit apartment building located along Lake Merritt in Oakland. The building was constructed in 1926 and is 100% occupied (and, despite its age, ghost-free), with all rents below market, DeRose & Appelbaum principal Santino DeRose told us yesterday. The “tremendous gap” between San Francisco and Oakland rents should provide substantial opportunity for appreciation and value, he says.

The partners paid $5.5M for the property, which boasts views of both the lake and city skyline. A capital improvement program is in the works to preserve the building’s vintage character and capture rental upside as units turn over. (Although the ornate lobby, above, doesn’t look too shabby.)