OAKLAND, CALIF. — CIM Group and Strada Investment Group have completed Eleven Fifty Clay Street, a 288-unit apartment community in downtown Oakland. The co-developers delivered the 16-story property between 11th and 12th streets near the city’s Old Oakland neighborhood.
Rents range from $2,544 for a studio apartment to $5,059 for a three-bedroom unit, with some concessions available for prospective tenants. The onsite leasing office is open five days a week.
Amenities at Eleven Fifty Clay include a fitness center, lobby coffee bar, conference rooms, coworking areas and bicycle storage. A rooftop deck features open-air lounge areas, partially covered dining areas, fire pits and grills.
Eleven Fifty Clay Street also features street-level retail space, as well as a large outdoor patio and a 17,000-square-foot public plaza fronting 12th Street. The publicly accessible plaza has a half basketball court, outdoor seating, specialty retail stores and a repurposed shipping container that has a full kitchen set.
Nearby amenities include the 12th Street BART rail station, AC Transit bus stations, restaurants, shops, hotels, Lake Merritt and San Francisco Bay.
Suffolk Construction was the general contractor for Eleven Fifty Clay Street. Greystar currently manages the property on behalf of CIM and Strada.
CIM Group is very active in the Oakland market. The Los Angeles-based company recently completed the construction of Uptown Station, a redevelopment of a former department store in Oakland’s Uptown district, into a 355,000-square-foot office building leased by Square.
CIM has also nearly completed construction of Channel House, an eight-story, 333-unit apartment building at 40 Harrison in Jack London Square, a neighborhood where the company already owns multiple properties. With Channel House and Eleven Fifty Clay, CIM is bringing more than 600 new apartment units to downtown Oakland’s supply.
Strada Investment Group is a San Francisco-based company focused on investing, developing and advising on commercial real estate properties in the Bay Area. The firm currently has 2 million square feet of real estate projects in its development pipeline.
— John Nelson