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

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.