Local Developer and Chilean Investor Buy Oakland Apartments for $47M
Martin Group and Star REI purchase Anton Edge and recapitalize Alice House
The Martin Group and a Chilean investor have bought 91 new apartments in Oakland for $47 million and recapitalized a 79-unit complex in the city.
The Oakland-based developer and Santiago-based Stars REI bought Anton Edge, a seven-story, mixed-use complex at 295 29th Street, north of Lake Merritt, the San Francisco Business Times reported. The price came out to $516,000 per unit.
The seller was Anton Development, which completed the project last year.
Martin Group and Stars REI also recapitalized its Alice House, a 79-unit complex at 1411 Alice Street for undisclosed terms. The deal valued the Lakeside complex at $39.5 million, or $500,000 per unit. Martin Group completed the project in 2021.
Both deals closed last month, with JLL representing Anton and arranging financing for both properties along with First Republic Bank, according to the Business Times.
Anton Edge will be renamed Edson House and managed in tandem with Alice House. Both feature studio, one- and two-bedroom apartments.
The Martin Group, led by co-managing partners Justin Osler and Stephen Siri, has developed more than 24 million square feet of commercial space and more than 20,000 residential units since its founding in 1984.
The company owns 926 apartments in Oakland, with a pipeline of 860 units.
In June, Martin Group filed plans to build a 421-unit apartment building on a parking lot at 1357 5th Street in West Oakland.
Stars REI, a privately owned real estate investment firm, has holdings in the Bay Area, Denver, Boston, New York, London and Washington, D.C. with a portfolio of 1.3 million square feet.