Martin Group Buys 224-Unit Multifamily in Oakland for $61M

The Martin Group has picked up a 224-unit apartment complex near Downtown Oakland for $61 million.

The Buffalo, New York-based investor led by Tod Martin bought the seven-story building at 1889 Harrison Street, near Lake Merritt, the San Jose Mercury News reported. The seller was an affiliate of Quarterra, based in North Carolina.

The price works out to $272,321 per unit.

The apartments, known as 19th & Harrison, were built in 2019 at Harrison and 19th streets. Then include studio, one- and two-bedroom apartments wrapped around two courtyards with outdoor kitchens, co-working offices and a rooftop lounge.

Apartments rent for between $1,879 and $2,985 a month, according to Apartments.com.

This month, the complex had an assessed value of $115.7 million. The $61 million paid for the building also was less than the $70.8 million borrowed by Quarterra in 2021 for the property, county documents show. MetLife Real Estate Lending provided the mortgage loan.

Martin Group, founded by Tod Martin in 2001, owns at least seven apartment complexes in Oakland, a student housing complex in Berkeley, and at least one apartment building in San Leandro, Alameda, Napa and San Mateo, according to its website.

Quarterra, a unit of Miami-based Lennar, in December sold a 34-story, 254-unit highrise at 447 17th Street in Downtown Oakland for $99 million, 53 percent below its assessed value of $209.8 million, according to the Mercury News.

— Dana Bartholomew