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Berkadia has arranged the $12.6 million sale of Idora Apartments, a 33-unit Class A multifamily community with ground-floor retail in Oakland’s Temescal neighborhood. Completed in 2017, the property is located at 5239 Claremont Ave. and traded at a reported price of $380,000 per unit.
The Berkadia San Francisco team of senior managing director Jason Parr, director John Hansen and managing director Scott MacDonald handled the transaction on behalf of the seller, St. Regis Properties. St. Regis is based in San Francisco and chose to market the relatively new, boutique-scale asset to mission-driven capital focused on housing outcomes.
The buyer is the Oakland Fund for Public Innovation, which acquired Idora Apartments as part of its efforts to advance equitable housing solutions in the city. The acquisition is being led through the fund’s Rooted program, which is focused on creating and preserving housing opportunities for educators. The transaction underscores the use of specialized nonprofit and civic-oriented vehicles to secure long-term housing options for a targeted workforce cohort.
Financing for the purchase was provided through the San Francisco Housing Accelerator Fund. While specific loan terms were not disclosed, the structure enabled the Oakland Fund for Public Innovation and its Rooted program to complete the acquisition of a relatively new Class A asset in a competitive infill neighborhood. ArtHaus Partners, a Bay Area-based vertically integrated multifamily developer and operator, acted as a consultant to the Oakland Fund for Public Innovation throughout the acquisition process.
Idora Apartments benefits from a walkable, amenity-rich location within Temescal. The community sits directly adjacent to a Whole Foods supermarket, providing immediate grocery access for residents, and is within walking distance of more than 100 restaurants, bars and retail offerings, according to Berkadia. The combination of 2017-vintage construction, Class A finishes and a high-amenity urban setting positions the asset as a core-quality holding for the buyer’s impact-focused portfolio.
The involvement of multiple Bay Area-based organizations, including the seller, buyer, capital provider and consulting firm, highlights the role of regional partnerships in addressing local housing challenges. By channeling capital through a focused educator housing initiative and pairing it with a recently built multifamily property, the parties structured a transaction that aligns investment objectives with workforce housing goals while preserving a newer asset in a highly walkable Oakland neighborhood.
The post Berkadia Arranges $12.6M Sale of Idora Apartments to Oakland Fund’s Rooted Program appeared first on CRE Market Beat.
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