Oakland, CA – Moran & Company brokered the sale of Baxter on Broadway, a new 130-unit apartment community in Oakland, CA. The sale closed March 31, 2020, and was the result of a joint effort between Moran & Company’s Pacific Northwest team, led by partner Jeff Williams and director Tim Brown, and the firm’s San Francisco team, led by partner Brett Betzler. Williams and Brown represented the buyer, a family office with a 1031 exchange need.
Construction of the property was completed in 2019. It sits on the border of the Temescal and Piedmont Avenue neighborhoods. Residents are walking distance from some of the city’s best restaurants, bars, and retailers on Piedmont Avenue, which is just a few blocks east and on Telegraph Avenue, just a few blocks west. The property is also walking distance from the UCSF Benioff Children’s Hospital, the Alta Bates Medical Center, and the Kaiser Permanente Medical Center. The property is also 2.5 miles from UC Berkeley, and just minutes away from dozens of major life sciences companies in Berkeley and Emeryville, including Bayer, Grifols, and Novartis.
Baxter on Broadway is walkable to the MacArthur and Rockridge BART stations, making for easy commutes to downtown Oakland or San Francisco.
The property includes 7,367 sq. ft. of retail space, and features a resident lounge, demonstration kitchen, fitness center, bike storage/repair room, and dedicated pet washing station, as well as a rooftop deck with panoramic views of the Oakland Hills.
According to Williams, “Baxter on Broadway is a generational investment in a bullseye location that will likely see strong rent growth as Oakland’s apartment pipeline tapers off over the next twelve months.”