1031 Exchange Buyer Secures 9-Unit Oakland Asset with Strong In-Place Yield + Penthouse Upside

The file

A 1031 buyer on a clock needs a building that works twice: steady income the day escrow closes, and a story for the years after. Kempton had both. Eight large, updated one-beds, all leased, each with a private balcony and secure parking off a gated courtyard. The ninth unit was a sprawling multi-deck penthouse with elevator access, sitting vacant mostly because the seller had marketed it badly. I underwrote the building as a 5–7 year hold: defensive location, tenant appeal, and layout-driven upside in that penthouse. Then I led the diligence, reviewed the third-party reports, supported financing with the buyer’s preferred lender, and built the analysis materials his partner group needed to sign off. No surprises, a building bought right.