Oakland California Investment Real Estate – In recent exciting news for RedSwan CRE, we have started accepting Dogecoin for investment in Lakehouse in Oakland, California. Watch as the RedSwan CRE team discusses the highlights and investment strategies of Lakehouse Oakland, a core fund project in Oakland CA.
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LakeHouse is a fully-entitled 270-unit Opportunity Zone development. The Property is currently a ±0.92 acre unimproved parcel situated at Oakland’s renowned Lake Merritt, the city’s most popular public amenity. The sponsor has approvals to build a 26-story, class-A multifamily tower that will provide a fully amenitized living experience in a premier Oakland submarket that is geographically insulated from potential new competition. Located within walking distance to Lake Merritt BART Station and blocks from Downtown Oakland, LakeHouse benefits from its strategic access to the most innovative companies and highest paying jobs in the world. Median household incomes in Oakland are forecast to grow 20% by 2024 while rental rates are projected to grow 17% during this same time. With its lakefront location and outstanding accessibility to leading employment hubs, LakeHouse provides the rare prospect of investing in a core-quality development with substantial market upside and Opportunity Zone tax benefits.
17% Rent Growth by 2024
The San Francisco Bay Area’s leading economic expansion combined with its severe housing imbalance has transformed Oakland into the nation’s sixth most expensive apartment rental market.
40 Year Permanent Financing Locked at Construction Closing
Sponsors is utilizing HUD’s 221(d)4 loan program which is a 40 year fixed rate, fully amortizing loan, not including the up-to-three-years of interest-only fixed-rate term during project construction.
Fully Entitled for a 270 Unit Class-A Multifamily Community
Sponsor has an executed Disposition and Development Agreement (DDA) with the City of Oakland and has 90% Construction Drawings (CD’s) – Clark Construction has been selected as general contractor.
53% Growth of Downtown Jobs Expected
Long established as home to large corporations, the health care sector and government entities, Oakland’s employment base is further evolving as a companies such as Square, Credit Karma and Oracle, among 140 others, have migrated from San Francisco and leased nearly 2MM square feet of office space.
Strong Preferred Return
Preferred return of 8.3%, 4 year target IRR of 19% and 1.91x multiple.
Excellent Value Proposition for Luxury Urban Living
Rents at high-rise apartment communities in San Francisco are 41% greater than untrended LakeHouse asking rents.