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Strada Investment Group Acquires Star Harbor Apartments In Alameda For $153.7M With Prudential Insurance Loan

Property Image
SOLD
$153,700,000

California

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MultiFamily
Sold 02/18/2025
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Property Image
SOLD

Strada Investment Group Acquires Star Harbor Apartments In Alameda For $153.7M With Prudential Insurance Loan

1518 Clement Avenue & 1501 Buena Vista Avenue

See Similar Deals
MultiFamily
Sold 02/18/2025
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involves the acquisition of the 372-unit Star Harbor Apartments located at 1518 Clement Avenue and 1501 Buena Vista Avenue in Alameda. The property encompasses 10.2 acres and was sold for $153.7 million, with a price per unit of $413,172. The development, which opened in 2022, was previously redeveloped from the historic Del Monte cannery into luxury apartments.

Summary of transation details:

  • Property Type: MultiFamily
  • Transaction Amount: $153,700,000
  • Units: 372
  • Price Per Unit: $413,172
  • Buyer: Jesse Blout & Michael Cohen - Strada Investment Group
  • Seller: Joseph Keough - Wood Partners; Kamal Bhatia - Principal Real Estate Investors
  • Lender: Prudential Insurance

Jesse Blout and Michael Cohen represented Strada Investment Group in the purchase, while Joseph Keough and Kamal Bhatia represented Wood Partners and Principal Real Estate Investors, respectively, as sellers in this transaction.

Players

Prudential Financial
Prudential Financial
LENDER

Details

SOLD
IMAGE: Jesse Blout, Michael Cohen, Joseph Keough & Kamal Bhatia DATE: 02/18/2025 ADDRESS: 1518 Clement Avenue & 1501 Buena Vista Avenue MARKET: Alameda ASSET TYPE: MultiFamily ~ ACRES: 10.2 BUYER: Jesse Blout & Michael Cohen - Strada Investment Group SELLER: Joseph Keough - Wood Partners; Kamal Bhatia - Principal Real Estate Investors (@Principal) LENDER: Prudential Insurance SALE PRICE: $153,700,000 UNITS: 372 ~ PPU: $413,172 NOTE: Strada Investment Group acquired the 372-unit Star Harbor Apartments in Alameda for $153.7 million, equating to $413,172 per unit, with financing that included a $90 million loan from Prudential Insurance. The sellers, Wood Partners and Principal Real Estate Investors, had redeveloped the historic 10.2-acre Del Monte cannery into luxury apartments, which opened in 2022.

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Cap Rate

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