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9/02/15
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The ConAm Group, out of San Diego, recently boosted its multifamily portfolio in the Bay Area with the $26.4 mil acquisition of TownCentre Commons, a 137-unit ($192.7k/unit) apartment community in Brentwood. TownCentre Commons, located at 1275 Central Blvd, roughly midway between the NoCal cities of Oakland and Stockton, was sold by Ridge Capital Investors.
At the time of the acquisition, the apartment community was 98.5% percent occupied. ConAm plans to implement a series of interior and exterior upgrades to the property, including the property’s common area amenities.
“This property is located in the historic downtown Brentwood submarket, making it strongly aligned with our strategy to acquire well-located assets in growing submarkets throughout the Bay Area,” says George Lloyd, ConAm’s Executive Vice President of Acquisitions. “The asset provides easy access to the entire Bay Area, Central Valley and Sacramento markets, and creates an opportunity for strong rental growth and tremendous long-term value.”
Seth Siegel and Jason Parr at Cushman & Wakefield represented the buyer and the seller in the transaction. With this purchase, ConAm’s NoCal portfolio totals approximately 14,850 units, including owned and managed assets.
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