The property sold for $21 million.
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale and financing of The Amelia, an 83-unit multifamily property in Oakland, California.
“The Amelia traded at an incredible basis relative to the cost of construction in one of Oakland’s best neighborhoods,” said Eymon Binesh, managing director investments in Marcus & Millichap’s Palo Alto office. “At just over $253,000 per unit, this sale highlights the continued confidence and long-term value investors see in the East Bay multifamily market.” Binesh, Adam Levin, and Robert Johnston, executive managing director, Marcus & Millichap, represented the seller and procured the buyer. “The Amelia demonstrates the continued depth of demand for well-located Bay Area multifamily assets,” said Johnston. “Even in a tighter capital markets environment, investors remain highly motivated to acquire quality properties with long-term fundamentals.” David Campbell, senior managing director with Marcus & Millichap Capital Corporation, arranged acquisition financing.
Located in Oakland’s Pill Hill neighborhood, the property is within walking distance of Alta Bates Summit Medical Center, Kaiser Permanente Oakland Medical Center, Sprouts, Whole Foods, and shopping, dining, and entertainment on Broadway. The neighborhood is easily accessible from Interstate Highways 580 and 880 and Downtown Oakland is with one mile. Bay Area Rapid Transit light rail is a short walk from the property.
Constructed in 2020, The Amelia has a rooftop terrace with barbecues, outdoor gathering spaces on every floor, and gated parking. Apartments have plank flooring, quartz countertops, stainless-steel appliances, in-unit laundry, and air conditioning.
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion in 2024. The company had 1,712 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end.
