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Local Investor Spends $26.8 Mil on Bay Area Multifamily Asset

5/29/20

The Lakes, a 102-unit value-add multifamily community in the Bay Area city of Concord, was acquired by an Atherton-based family investment group in a $26.8 mil transaction, which works out to around $263k/unit.

Originally constructed in 1967-68, the three-building community is located at 1818, 1819 and, 1850 Laguna St, east of Hwy 242 at Clayton Rd. The community is located near the borders of Concord, Pleasant Hill, and Walnut Creek and provides residents with direct access to local amenities, BART stations, and the greater Bay Area.

The property offers one- and two-bedroom floorplans. Unit interiors are currently being upgraded to include new wood grain flooring and carpet, new countertops and cabinets, stainless steel appliances, and modern lighting fixtures. Additional community amenities include a newly renovated swimming pool, secure parking electrical gates, two gazebos on the lake, laundry facility, elevators, and covered exterior walkways.

Adam Levin and Robert Johnston with Levin Johnston represented the seller and procured the buyer in the transaction.

“The Lakes in Concord is a well-positioned asset for investors looking to achieve and sustain long-term wealth. Concord’s convenient location, in addition to its comparatively low price point for the region, continues to attract renters employed throughout the Bay Area,” explains Levin. “This acquisition is an ideal value-add opportunity for the buyer to implement strategic upgrades and simple operational improvements to drive strong return-on-investment, alongside organic growth based on increasing demand.”




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