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Carmel Partners Announces Lease Up Completion at ‘Admirals Cove’ in Alameda, California

Experts and entrepreneurs in multifamily real estate, Carmel Partners employs a multidisciplinary team to create properties that impress, from East to West coast. Recently applying this expertise in Alameda, California, Carmel Partners transformed vacant military housing into 150 almost unrecognizable, luxury townhomes. Known as ‘Admirals Cove,’ Carmel Partners announces the leasing of over 90% of these apartment homes, a major milestone as the property had been vacant for eleven years prior to Carmel Partners’ acquisition.

Before renovating Admirals Cove, Carmel Partners drew upon past redevelopment projects for inspiration, such as Panomar also located in Alameda, California. Acquired in 2013, Carmel Partners used a similar approach to redevelopment by updating a previously underutilized space into a modern community. Beautifully upgraded with refined unit finishes and upscale amenities, Panomar is surrounded by great views of the marina, downtown Oakland, and the San Francisco skyline. Also informing Carmel Partners’ revitalizing updates at Admirals Cove was the firm’s renovation of Hawaii military base, ‘Kapilina.’ On the tip of Iroquois Point in West Oahu, Carmel Partners reimagined a collection of utilitarian buildings into a resort-like community, featuring garden-style rentals, indoor and outdoor amenities, and perks for active duty military personnel.

With extensive background in development and renovation, and a history of work on military housing, Carmel Partners acquired Admirals Cove with a competitive edge. Upon a 14.87-acre site, the firm’s construction team upgraded infrastructure before adding 150 enhanced apartment units. In order to preserve the site’s naval heritage, Carmel Partners named the property according to the highest rank within the US Coast Guard, ‘admiral.’ Also recognizing these roots are subtle hints of nautical elements, all falling within a natural color palette.

The increasing success of Admirals Cove traces back to its spacious design, becoming a refreshing change of pace from San Francisco and Oakland. A mix of two- to four-bedroom homes include two-stories, expansive bay windows, private backyards and storage sheds, many with direct front-door access. Rental units also include generously-sized linen closets, storage space and full laundry rooms, with wood-style flooring throughout all living areas and carpet in bedrooms and covering the stairs. Fulfilling the desire for both interior and exterior open spaces, Carmel Partners creates a refreshing escape from the Bay Area.

Adding to the secluded haven at Admirals Cove, Carmel Partners includes an array of indoor and outdoor amenities for a playful resident experience. Enjoyed by a growing number of residents, a 2-acre community park has become a popular spot for lawn games and outdoor gathering, with the popular Estuary Park nearby. Also providing space to spend time in the sunny, Northern California climate is an outdoor pool with surrounding chaise lounge chairs and a fire pit. Indoors, residents are drawn to the fully-equipped fitness center and clubroom, including rentable space for private events.

With no shortage of space to relax, Admirals Cove simultaneously offers residents a brief commute to area employment hubs, including San Francisco and Oakland 30-minutes away. The Alameda Ferry Terminal is walking-distance from the property, servicing destinations in San Francisco and Oakland. Additionally, residents may access Oakland through the Webster Street tube–a five-minute drive from one end to the other toward I-880, the Amtrak station at Jack London Square and the Lake Merritt BART station.

A rental community offering plenty of space to roam, Admirals Cove is becoming one of Alameda’s most popular homes, reaching a point of leasing stability. With some townhomes still available, Carmel Partners invites apartment-seekers to explore a relaxed lifestyle, just a ferry ride away from the bustle of San Francisco and Oakland.

About Carmel Partners
Carmel Partners is one of the leading specialists in real estate investment management with a focus on U.S. multifamily acquisition and renovation, and development and construction. The company also specializes in debt and lending opportunities. Carmel Partners, LLC was founded in 1996 and has offices across the country, including San Francisco, Los Angeles, Irvine, New York City, Seattle, Washington D.C., and Denver.

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