Affordable Multifamily Hits Sale Column
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Seven of the units are penthouses with views of downtown Oakland.
OAKLAND, CA— Vern-Lee Apartments, a 45-unit multi-family community located at 245 Lee St. in the prestigious Adams Point neighborhood has been sold by an Oakland-based long-term family partnership. The $11.8 million sales price equates to $262,777 per unit.
The asset was purchased on behalf of a private buyer by a local real estate investment company, Riaz Inc. Founded by Riaz Taplin, Riaz Inc. is a real estate development firm that includes design, construction, project management and asset management services. It owns and operates 800 units in the East Bay and has more than $100 million in assets under management…
