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8/15/18
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Civic Center Apartments, a 28-unit multifamily property in the highly sought-after downtown area of Concord, sold for $7.5 mil ($268k/unit). The asset was acquired by a local buyer, PTLA Real Estate Group.
Located at 1870 and 1880 Parkside Dr, the property is located minutes to Todos Santos Plaza and the main Concord BART station. The sale also included an adjacent 0.62-acre development site currently improved with a single-family home.
Built in 1966, Civic Center Apartments offers a unit mix of four one-bedroom/one-bath units, 20 two-bedroom/one-bath units and four three-bedroom/one-bath units. The single-family home on the adjacent parcel was built in 1948.
Rich Martini and Andrew Xie with Colliers International represented the buyer. The seller, a private investor, was a long-time owner of the property.
“The Civic Center Apartments was a unique opportunity to add-value and reposition the property. It was a perfect fit for our client, who is an experienced multifamily investment group with deep roots in the 680 corridor submarket,” noted Martini.
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