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Colliers International Completes Oakland Multifamily Property Sale for $5.2M

PR_3761HarrisonSt_1536x1040
OAKLAND, CA (September 24, 2020) – Colliers International's San Francisco Multifamily Investment Services team recently represented the buyer and seller in the sale of a 13,889 square-foot, 16-unit multifamily property in Oakland's Piedmont Avenue shopping district. The building, located at 3671 Harrison Street, closed escrow on August 21, 2020 and sold for $5,200,000. Brokers Matthew Flaherty, Brandon Geraldo, Ryan Wagner and Kalah Espinoza represented the seller, while Executive Vice Presidents Brad Lagomarsino and James Devincenti represented the buyer.

"The investment group purchased 3761 Harrison Street to satisfy a portion of a 1031 exchange," explained Lagomarsino. "This property is a great value-add opportunity that complements the buyer's Oakland portfolio."

The multifamily community is comprised of 16 total units of varying layouts; nine two-bedroom and two-bath, one two-bedroom and one and one-half bath and six one-bedroom and one-bath units. Sixteen controlled-access, garage parking spots are included in the property's total square footage. The property was constructed in 1988 and features a reinforced concrete foundation, double-paned windows and wall heaters.



"As a result of our unique capital markets platform, the property generated significant interest from a wide range of capital groups," said Flaherty. "Despite difficulties with the advent of COVID-19, the market clearly indicated an appetite for a well-located, vintage property in one of the most desirable West Coast locations."



3761 Harrison Street is a five-minute walk to Piedmont Avenue's retail, dining and entertainment scene, including the historic Piedmont Theatre and Michelin-starred Commis. Kaiser Permanente, the area's largest employer, is only a six-minute walk from the property. Transportation around the property is abundant and accessible. One mile from the subject property is the MacArthur BART station, and within one block is a pick-up for the Express "P" Line into downtown San Francisco. Major interstate freeways, I-80 and 580, are accessible from the property, connecting the greater East Bay with San Francisco.

Media Contact:
Solana Tanabe
Allison + Partners Northern California
ColliersNorCal@allisonpr.com


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Matthew Flaherty

Vice President

San Francisco

Prior to joining the Multifamily Investment Sales Team at Colliers in the San Francisco office, Matt was an Asset Management Analyst for Fowler Property Acquisitions where he managed a multifamily portfolio of properties located across the U.S. comprised of 100 total assets and 25,000 total units. At Fowler, he also underwrote and processed over $500M of supplemental and refinance loans on multifamily assets across the U.S. Before working for Fowler, Matt worked for Redwood Trust as a commercial real estate loan originator and worked on a team that was responsible for $500M of senior CMBS and balance sheet mezzanine loans on multifamily, retail, office, self-storage, hotel and industrial properties in the U.S. within a group that nationally produced approximately $2.5 billion during the same time. Matt earned a Bachelor of Arts in Economics from the University of Southern California.

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Brad Lagomarsino

Executive Vice President

San Francisco

Brad Lagomarsino and his business partner, James Devincenti, lead a team of highly qualified professionals specializing in multi-family, mixed use and commercial investment sales and portfolio dispositions in San Francisco (and the Greater Bay Area).

 

Brad’s career in commercial real estate started in 1992 in Northern California where he worked for CB Richard Ellis for 10 years prior to joining Marcus & Millichap in San Francisco, where he worked for another decade.

 

Brad is a graduate of the University of Southern California with a degree in Urban Regional Planning. He and his wife, Leslie, have two children: Ella, 15 and Robert (“Bo”), 8. In his spare time, Brad enjoys playing golf and skiing.

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James Devincenti

Executive Vice President

San Francisco

James Devincenti and his business partner Brad Lagomarsino lead a team of highly qualified professionals specializing in multi-family, mixed use and commercial investment sales and portfolio dispositions in San Francisco (and the Greater Bay Area). James and his business partner have sold over 650 apartment or commercial buildings, totaling over 13,650 units and valued at nearly $3.7 Billion Dollars.

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