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1/31/17
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Woodstone Apartments, a 20-unit multifamily property in the East Bay city of Concord, was purchased by an unnamed investor for $3.75 mil, or $187.5k/unit. The property is located at 4819 Clayton Rd, south of Hwy 4 and east of I-680.
Built in 1963, Woodstone Apartments is comprised of all two-bedroom/one-bath units. Located along Clayton Rd, a main street within Central Contra Costa County, the property is in close proximity to a multitude of commuting options, downtown Concord, a number of local amenities, and major Bay Area employment centers.
Ethan Berger and Monjid Aldiyyat led the NAI Northern California multifamily team that brokered the deal, representing both parties in the transaction. The deal marks the 7th multifamily transaction to close in Concord so far for 2016.
"There were a few challenging elements to this transaction. Both the buyer and seller were trading out of multiple properties simultaneously, so the transaction had to adhere to a pretty strict timeline with a number of coordinating elements," said Berger, Vice President at NAI. "Additionally the property had been previously mismanaged and a number of the leases and records could not be retrieved from the prior management company and had to be created and executed during escrow.
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