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5/14/15
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The Modera Apartments, a 40-unit apartment building in the Bay Area city of Concord, sold for $7.35 mil, or $183.8k per unit. The cap rate was approximately 5.0% with a GRM of almost 12.
Located at 1704 Clayton Rd, The Modera Apartments is a newly renovated, turnkey community originally built in 1969. The apartment mix consists of one- and two-bedroom units with an on-site laundry facility, oversized balconies and patios, as well as swimming pool/barbeque area.
The seller was Graham Chernoff of Cumberland Holdings and the buyers were local investors in a 1031 exchange. Keith Manson, Vice President of CBRE Oakland, represented both parties in the deal.
“The Modera Apartments were sold for one of the highest prices per unit in Concord history for renovated 60’s product. Despite the price per unit, the CAP rate was favorable to the buyer due to efficient management, an aggressive RUBS program and clean unit layouts making it easy to capture market rents,” noted Manson.
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