The Martin Group and STARS REI announced the acquisition of two apartment properties located in Oakland, California. On December 19th, the partners closed on the acquisition of Anton Edge, a brand-new 91-unit luxury apartment complex located in the heart of Oakland’s Pill Hill neighborhood. On December 28th, the partners closed on the recapitalization of Alice House, a recently completed 79-unit luxury apartment complex located in Oakland’s Lakeside neighborhood. Anton Edge will be rebranded as Edson House and operated in conjunction with Alice House to create a 170-unit portfolio.
“We are long term believers in Oakland’s growth trajectory based on the strength of its medical and other non-technology focused employment base,” said Justin Osler, Co-Managing Partner at The Martin Group, a leading multifamily developer in the San Francisco Bay Area. “We think the Pill Hill neighborhood will continue to flourish as centralized, large-scale medical facilities increase their physical footprint in the face of strong demand. Similarly, the Lakeside neighborhood’s access to Lake Merritt, BART and Oakland’s vibrant food scene as well as the upcoming pedestrian and cyclist improvements on 14th Street bode well for Alice House’s continued growth. We are thrilled to close both these transactions with STARS REI who has been an excellent partner.”
