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MULTIFAMILY NEWS
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Pleasant Hill Apartment Property Changes Hands

11/29/16

A local investment group has purchased The Creekside at Pleasant Hill, a 71-unit, fully renovated apartment building in Pleasant Hill. It had been repositioned and sold by Riaz Capital, a Bay Area real estate developer and investor.

The Creekside at Pleasant Hill, located at 1460 Contra Costa Blvd, has undergone extensive interior and exterior renovations with updates to units as well as shared amenity spaces. The improvements resulted in the highest price per unit for any apartment building over five units and built before the year 2000 according to CoStar. The property sold for an approximate 4.25% stabilized CAP rate with substantial future upside in the rents.

Keith Manson and Zachary Greenwood with CBRE repesented the seller in the transaction.

“Pleasant Hill has been experiencing significant rent growth over the last several years as tenants migrate further east from the tight rental markets in San Francisco and Oakland. Tenants here have multiple options for transit including the local Pleasant Hill BART station and multiple freeway routes. This helps drive values for investors looking to the East Bay for both value add and stabilized assets,” commented Manson.





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