Merritt on 3rd Story
In October 2012, Kennedy Wilson acquired Merritt on 3rd, located in Oakland, CA. The property was built in 1975 and has 18 stories of concrete post-tension construction with a stucco and concrete façade. Merritt on 3rd consists of 178 one- and two- bedroom apartment units. These units offer 180 degree Bay and City views as well as views of nearby Lake Merritt.
The property is well located within the City of Oakland, which has experienced a cultural, employment and housing renaissance. Many top new restaurants have opened, new tech companies are relocating to the City searching for more affordable space, and apartment rents have seen several consecutive years of more than 10% annual rent growth. Merritt on 3rd is also conveniently located within walking distance of Lake Merritt, the BART station, the Oakland Ferry Terminal, the Amtrak Station, and Laney College, and is also just a few blocks from the I-880/Nimitz Freeway.
Originally called Regency Tower Apartments, the property underwent a major rebranding and renovation project. The community was upgraded with a new fitness center, poolside internet café, upgraded elevators and corridors, new exterior paint and conversion of the maintenance shop to a new leasing office. In addition, units are being renovated as they vacate. The unit interior renovation program consists of adding new cabinet faces, stainless steel appliances, lighting fixtures, quartz countertops, and vinyl plank flooring. Community amenities include a state-of-the-art fitness center, dog park, pool and spa.
Kennedy Wilson sold Merritt on 3rd in August 2022.