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3/06/20
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Northridge Apartments, a 221-unit garden-style apartment community in the San Francisco East Bay submarket of Pleasant Hill, was acquired by a venture between Vista Investment Group and Tokyu Land US Corporation for $91 mil, or $412k/unit. This purchase marks Vista and TLUS’ first partnership together.
Built in 1974, Northridge Apartments sits on 6.63 acres at 235 Camelback Rd. The complex offers a mix of studio, one-, two- and three-bedroom apartment homes in 16 low-rise residential buildings on a 6.63-acre site. Common area amenities include a clubhouse, two swimming pools, fitness center and laundry facilities. Vista’s capital improvement plan includes upgrading common areas, amenities and renovating apartment interiors as units roll.
The property is adjacent to Diablo Valley College, 2.5 miles from the Bay Area Rapid Transit (BART) Concord station, and minutes to I-680, which leads to major employment centers in Walnut Creek and the Tri-Valley (San Ramon, Pleasanton and Dublin). The Pleasant Hill Shopping Center is walking distance away and the Sunvalley and Willows shopping centers are within 1.5 miles. Pleasant Hill’s downtown corridor, located 2.2 miles from Northridge, features an authentic, pedestrian-friendly retail district with more than 40 dining, shopping and entertainment options highlighted by a Century 16 Theatre.
“Renters who have been priced out of expensive markets like San Francisco and Oakland are migrating to the East Bay in search of more affordable alternatives,” said Vista Investment Group President Jonathan Barach. “They are finding that Pleasant Hill has a great school system, a robust amenity base and rents at a considerable discount to neighboring cities Walnut Creek, Lafayette and Orinda.”
Stanford Jones, Salvatore Saglimbeni, Philip Saglimbeni and Alex Tartaglia with Institutional Property Advisors represented the seller, Equity Residential, which has owned the property for more than 20 years.
Northridge Apartments is the latest in a series of West Coast multifamily acquisitions totaling more than $160 mil since the beginning of the year for Los Angeles-based Vista Investment Group. The other assets are located in Portland, OR, and Los Angeles. Vista Investment Group’s portfolio includes more than 2,000 multifamily units and approximately 1.8 msf of office space throughout the West Coast, including 670k sf of commercial office space in the San Francisco Bay Area.
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