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1/12/18
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Lakes Apartments, a 102-unit multifamily community in the Bay Area city of Concord, was purchased for $21 mil ($206k/unit) by The Lakes Concord Property Owner LLC, a private investment group.
The property, located at 1818, 1819 and 1850 Laguna St, is within walking distance to downtown Concord and the Concord BART station. It features lakefront views.
CBRE’s Keith Manson and Marc Ross represented the seller in the transaction.
“Tenants continue to migrate further east from the tight rental markets in San Francisco and Oakland to transit-oriented apartment communities in peripheral markets,” said Manson. “This contributes to continued rent growth in Concord and neighboring cities that have access to BART and major freeway arteries. These factors help drive values for investors looking to the East Bay for both value add and stabilized assets.”
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