Strada picks up apartment complex in Alameda for $153.7M

Strada Investment Group has bought a historic Del Monte cannery and warehouse converted into 372 luxury apartments in Alameda for $153.7 million.

The San Francisco-based investor bought the Star Harbor Apartments on the waterfront at 1518 Clement Avenue and 1501 Buena Vista Avenue, the San Jose Mercury News reported.

The deal works out to $413,172 per unit. Strada purchased the complex with an unidentified public pension fund, according to its website.

The sellers were Atlanta-based Wood Partners and Principal Real Estate Investors, based in Iowa, which bought and redeveloped the 10.2-acre cannery site. The apartments opened in late 2022.

The purchase was filed Feb. 5 with the Alameda County Recorder’s Office. Strada obtained a $90 million loan from Prudential Insurance Company America at the time of the purchase, according to county real estate records.

The sprawling brick complex along the shore of the East Bay island city started out as a 240,000-square foot cannery and warehouse, built in 1927 by California Packing, which later became Del Monte Foods.

The 6-acre cannery and warehouse, Alameda’s largest non-military building, was closed by Del Monte in the late 1980s.

An adaptive re-use of the brick-and-timber building, designed by BAR Architects, included 372 studio, one-, two- and three-bedroom apartments, which have open floor plans and luxe finishes. Select units have the original timber roofs, exposed brick walls and concrete floors.

Star Harbor Apartments includes a fitness center, a yoga studio, a wi-fi lounge with workplace booths and a clubroom with a kitchen, according to Wood Partners.

Rents range from $2,350 to $5,274 a month, according to Apartments.com.

Strada, founded in 2010 by Jesse Blout and Michael Cohen, plans to invest in a reimagined roof deck lounges and 10,000 square feet of “carefully curated” shops, according to its website.

— Dana Bartholomew