News

Oakland — DeRose & Appelbaum & Long Market Property Partners today announced the $5.5 million acquisition of 1918 Lakeshore Avenue in Oakland, CA. This 38 unit, six story apartment building is located along Lake Merritt with unobstructed views of both the lake and Oakland skyline.

The asset was purchased in a joint venture between the two firms with the goal of leveraging the property’s unique frontage on Lake Merritt, which has recently been transformed through a multi-million dollar, decade long overhaul. Plans for the property are to implement a maintenance and capital improvement program to preserve the vintage character of the building and capture the rental upside as apartments turn over. According to Santino DeRose, Principal of DeRose & Appelbaum, “We are pleased to continue our pursuit of well-located Oakland assets. We believe that the tremendous gap that exists between San Francisco and Oakland rents provides us with substantial opportunity for growth, appreciation, and overall value.”

About DeRose & Appelbaum DeRose & Appelbaum, Inc. is a San Francisco-based real estate company with commercial leasing, property management, and redevelopment/re-positioning expertise. Although focused on commercial infill redevelopment projects, with an emphasis on well-located, neglected, urban retail properties, DeRose & Appelbaum, Inc. avails itself of its resources and maintains the flexibility to invest opportunistically in all real estate asset classes. www.deroseappelbaum.com

About Long Market Property Partners Long Market Property Partners is a privately held real estate company that takes a deeply hands-on approach to owning and operating real estate. We seek investments that allow us to leverage our experience in leasing, property management, capital improvements and tenant relationships to mitigate risk and deliver superior returns to investors. The principals of Long Market have a track record acquiring and repositioning assets across multiple west coast markets and bring a thoughtful blend of both institutional and entrepreneurial strategies to each investment.