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7/11/23
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Eden Housing, a non-profit organization, purchased two multifamily communities totaling 116 units in Concord, CA for $37.25 mil. The company will convert the properties, Sunset Pines and Coral Court Apartments, from market-rate multifamily to affordable housing.
Sunset Pines Apartments is located at 1770 Adelaide St in Concord and has 69 units. Amenities include a community pool and clubhouse. Coral Court Apartments is located at 1491 Detroit Ave, also in Concord, and offers 47 units and a community fitness center.
Keith Manson, Zachary Greenwood and Mac Watson of CBRE’s Multifamily Team in the East Bay represented the seller in a Naturally Occurring Affordable Housing (NOAH) transaction. According to Manson, this transaction was one of the top sales per unit among Concord apartment buildings over 20 units that were built before 2000.
The project met local affordable housing requirements and was granted just over $6 mil in equity from the City of Concord, which Eden Housing used to help finance the transaction.
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