As more proof that the apartment investment market is hot, Leeward Ventures recently paid $3.075 million for the Fontana Lee East Apartments, a 22-unit property in Adams Point near Lake Merritt in Oakland.

The price breaks down to about $139,772 per unit and $146 per square foot.

The property was attractive because of its prime location for apartments in Oakland. It was built in 1968 by Santos Construction and is a four-story wood frame and stucco building with a concrete block exterior and a concrete slab foundation.

The building is comprised of 15 one-bedroom/one-bath units, six two-bedroom/two-bath units and one two-bedroom/two-bath penthouse with a wood-burning fireplace. Unit amenities include garbage disposals, dishwashers, electric ranges, electric fireplaces, abundant closet space, private balconies, wall china cabinets in select units and original light fixtures.

via Investor buys Lake Merritt apartment building | San Francisco Business Times.