ALAMEDA — An East Bay apartment complex that gave an old cannery a new mission has been bought for more than $150 million in a sign that investors still hunger for top-notch sites in a tricky residential market.
Star Harbor Apartments, located along the Alameda shoreline, has been bought for $153.7 million, according to documents filed on Feb. 5 with the Alameda County Recorder’s Office.
Strada Investment Group, a real estate firm, bought the apartment complex, whose addresses include 1501 Buena Vista Avenue, the county property records show.
San Francisco-based Strada Investment also obtained a $90 million loan from Prudential Insurance Co. America at the time of the purchase, according to the county real estate records.
The 327-unit apartment hub has a unique pedigree. It was built on a 10.2-acre historic site and represents an adaptive reuse of a long-time cannery operation.
Wood Partners teamed up with Principal Real Estate Investors to buy and develop the old cannery site. The apartment complex opened in 2022.
“This waterfront community is a combination of new construction and the adaptive reuse of a 100-year-old Del Monte warehouse with all residences located within the six-acre historic brick facade,” Wood Partners stated at the time the project opened.
California Packing Corp., which later became Del Monte Foods, built the massive brick warehouse. The heavy timber frame building totaled 240,000 square feet.
“The project keeps the building’s original brick facade and windows, with some apartments displaying the warehouse’s original roofs, walls and hardwood floors,” Wood Partners stated.
Some of the apartment units show only small changes from the original structure.
“Elements of the former warehouse are featured throughout the site with select units having preserved original timber roofs, brick walls, and concrete floors combined with modern luxury apartment amenities,” Wood Partners stated.
It was Alameda’s largest non-military building, according to a post from Ver Plack Historic Preservation Consulting.
Del Monte pulled out of the canning business at the site in the mid-1980s. After that, it was used sporadically over the years for an array of warehouse operations.
“It’s a rare opportunity to transform a six-acre brick and timber warehouse from the 1920s into a high-end mixed-use community,” said Wood Partners Managing Director Julia Wilk. “The preserved historical features add so much character.”
