Thailand listed property developer Land and Houses has purchased a 264-unit apartment building in California for US$103.2 million – or approx. THB3.32 billion.
The deal for the property, called Domain and located in downtown Oakland (pictured), represents one of the biggest apartment sales in the American city this year to date. The property was developed in 2011 by Wood Partners and has been acquired by Land and Houses U.S. subsidiary company.
The apartment building consists of studios, and one-, two- and three-bedroom units with an average size of 948 sq ft on a 1.52 acre area of land.
In a statement to the Stock Exchange of Thailand, Land and Houses said the property has been purchased for rental income. Occupancy rates at Domain, the statement said, are currently 96 percent.
Andrew Batt, International Group Editor of
PropertyGuru Group, wrote this story. To contact him about this or other
stories email andrew@propertyguru.com.sg
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