Carmel Partners


84 Unit Renovation in Bay Area

Region: Northern California
Address: 1100 Pacific Marina, Alameda, CA 94501
Strategy: Renovation
Status: Sold
Acquisition Date: 05/22/2013
Units: 84

Beautifully upgraded East Bay apartments, Panomar offers great views of the marina, downtown Oakland, and the San Francisco skyline.

Panomar, located on Alameda Island, is a 15-minute ferry ride to San Francisco and connected to downtown Oakland via the Posey and Webster Street Tubes. Close to major transportation offering easy access to San Francisco and Oakland, Alameda is a walkable, family friendly community. Alameda’s tree-lined streets boast more historic Victorian homes per capita than anywhere in the Bay Area. Hero 1 - Panomar All 84 unit interiors were remodeled to create boutique living spaces with clean lines and midcentury modern touches, integrated with the building architecture for cohesive design. The updated gourmet kitchens have new cabinetry, quartz countertops, luxury plank flooring, and stainless steel appliances. Floor-to-ceiling windows allow plenty of natural light, and full-size washers and dryers add to the comfort of these homes. Hero 2 - Panomar Upgrades to the common areas include a renovated lobby, elevator cabs, and new carpeting in the corridors. The property exterior has a new modern paint scheme, landscaping, and an updated entrance. Community amenities include a new fitness center, resident lounge, and business center. The roof deck was created complete with lounges and an entertaining barbecue area. Operations were enhanced through improved property management, targeted revenue management, lease expiration strategies, and increased utility recovery income. Hero 3 - Panomar