Southern California-based joint venture, Emery Bay North LLC, has purchased a 425-unit apartment community known as Emery Bay Club I in Emeryville, Calif.
The value of the transaction was more than $106 million.
The new owners will convert all 425 units to ownership housing. The property was developed in 1989 by Bay Center Apartments LLC, which sold the asset. Emery Bay Club features studios and one- and two-bedroom residences set around three courtyards with fountains, walkways, gardens, pools, spas and a fitness center.
The buyers plan to market the units following a phased remodeling program. Initial pricing is expected to start in the $300,000 range for studios and rise incrementally for larger units and view premiums.
Moison Investment Co., a commercial real estate brokerage and advisory services group, brokered the transaction on behalf of both parties.
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