5239 Claremont Ave
Oakland, CA 94618
33
Units
2017
Built
Executive Summary
Berkadia is pleased to exclusively present the opportunity to acquire Idora Apartments (the “Property” or “Idora”), a stabilized class-A community located in Oakland’s thriving Temescal neighborhood surrounded by over 100 restaurants, bars, and retail offerings. Delivered in 2017, Idora is a boutique multifamily property featuring 33 modern residences, a roof deck, community lounge with outdoor entertainment space, garage parking, and approximately 2,400 square feet of ground-floor retail space. The Property provides direct access to premier Bay Area employment hubs in San Francisco, Oakland, Berkeley, and Emeryville and is serviced by a diverse transit network with convenient proximity to BART, Highway 24, and Interstates 880 & 580. As a direct beneficiary of San Francisco’s nation-leading apartment rent growth and increasingly limited availability, Idora is well positioned to capture Oakland’s robust projections of ±18% rent growth, +95% occupancy, and ±30% income growth over the next five years as the pipeline declines to historic lows.
Property Overview
Investment Highlights
Boutique infill apartment community with strong fundamentals
- Ideally situated adjacent to Whole Foods Market in Temescal, Idora is a boutique multifamily community featuring a mix of one- and two-bedroom residences complete with European cabinetry, stainless steel appliances, full-sized washers and dryers, private balconies in every unit, a roof deck, community lounge with outdoor entertainment space, and secure garage parking.
- The property boasts stable operations and consistent cash flows bolstered by minimal Bad Debt and ±14% effective rent increases on T-90 renewals, while also presenting the opportunity to boost income through concessions burn-off, storage income, and market rent growth.
- Idora presents the rare opportunity to acquire a turnkey, stabilized asset in one of Oakland’s most desirable neighborhoods while benefitting from an anticipated ±18% rent growth and ±30% household income growth over the next five years.
Outstanding microlocation with 97-walk score
- Offering a diverse array of more than 100 restaurants, bars, shops, and cafes, Idora’s Temescal neighborhood is ranked #1 in Oakland per Niche.com and features a highly sophisticated demographic with a ±70% college attainment rate and an average household income of $185k – outperforming the City’s overall average household income by 35%.
- Boasting a 97-walk score and 94-bike score, the Property’s top-tier location delivers a high-end and walkable lifestyle at a ±70% discount to local monthly homeownership costs as average home prices surpass $1.3MM within Idora’s 1-mile radius.
San Francisco’s resurgence propels Oakland’s growth
- Fueled by return-to-office mandates, an AI hiring surge, increased public safety, and a revived demand for urban living, San Francisco now leads the nation in apartment rent growth with average one-bedroom rents climbing 13.3% and two-bedroom rents jumping 16.3% year-over-year – while BART ridership achieved a 13% year-over-year increase and systemwide crime decrease of more than 15%.
- As a direct beneficiary of the recent resurgence in San Francisco apartment demand, Oakland’s multifamily market is expected to continue to draft off of San Francisco’s fundamentals and return to its historical ±18% rental discount from the present ±30%.
- Idora is well-positioned to capitalize on Oakland’s outsized rent growth runway as the local pipeline declines by more than 80% over the next four years from the previous four-year average, and San Francisco’s average apartment availability returns to pre-COVID levels of less than 5% over the next five years.
Direct access to the Bay Area’s highest-paying jobs
- Situated within 1-mile of MacArthur BART station, Idora offers a 5-minute commute to Downtown Oakland and a 17-minute commute to San Francisco’s Financial District while affording residents a +$1,500 monthly rental discount to comparable class-A communities in San Francisco.
- In addition to Oakland’s local employment base, featuring employers such as Kaiser Permanente, PG&E, Clorox, Pandora, Fivetran, Everlaw, BlueOcean.AI, and the UCSF Benioff Children’s Hospital, Idora’s residents are also within a 10-minute commute of the world-class Berkeley-Emeryville life science cluster home to more than 150 innovative biotech companies.
- With direct access to Highway 24, Interstate 80, and Interstate 580, Idora’s residents are well-connected to the Bay Area’s premier employment hubs and recreational offerings, while being conveniently situated within a 15-minute drive of Oakland International Airport.
Gallery
Contact
Northern California Office
1 Post Street, Suite 1000
San Francisco, CA 94104
Investment Sales
Jason Parr
Senior Managing Director
Phone: 415-407-2106
Email: [email protected]
CA DRE: #01323188
Scott MacDonald
Managing Director
415 310 0487
[email protected]
CA DRE #01422005
Brett Betzler
Senior Managing Director
949 981 1196
[email protected]
CA DRE #01330214
Kaohu Berg-Hee
Senior Director
808 754 0033
[email protected]
CA DRE #01986886
John Hansen
Director
415 342 5772
[email protected]
CA DRE #02078357
Sydney Ladrech
Associate
916 677 6633
[email protected]
CA DRE #02126658
Brayden Joel
Senior Financial Analyst
503 933 9284
[email protected]
CA DRE #02204506
Matthew McCrum
Senior Financial Analyst
415 272 2924
[email protected]
CA DRE #02143464
Mortgage Banking
Clay Akiwenzie
Managing Director
775 447 0595
[email protected]
CA DRE #01908942
Hank Workman
Director
415 646 7713
[email protected]
CA DRE #02099264
5239 Claremont Ave | Oakland, CA 94618
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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