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11/10/14
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Diablo Villas Apartments, a 48-unit multifamily property in Concord, was acquired by WaveCrest Capital Management LLC in an off-market transaction valued at $8.825 mil ($184k/unit). The property was sold by a local Bay Area lender affiliate that had foreclosed on the asset in late 2010.
Built in 1964, the gated community underwent a complete interior and exterior renovation in 2008 – 2010 with the intent to re-sell the units as condominiums. The fully-occupied, market-rate project, which is being rebranded as CityPlace Apartments, consists of 12 two-story buildings with all two-bedroom units averaging 913 sf in size. The units are amenitized with hardwood floors, stainless steel appliances, in-unit washer/dryers, balconies, patios and community pool.
Walnut Creek-based WaveCrest, founded by Rich Jones in 2009, has acquired more than $11 mil of Bay Area multi-family assets in 2014. The company purchased Diablo Villas Apartments in partnership with its Southern California-based Family Office partner.
“We recently bought an apartment project near Monterey but have been circling the Hwy 24/680 apartment markets for quite some time,” said Jones. “We jumped at the chance to acquire the property when our broker presented it to us, because it fits our value-added investment objectives on multiple levels. It also helps that it was deliverable as an off-market REO. Because the project is completely rehabbed and in great shape, much of the capital risk is taken out of the equation, and we can immediately focus on re-tooling the operating expenses and moving the rents to market to further enhance its position in the marketplace.”
The San Francisco Office of American West Bank provided the acquisition financing and WaveCrest was represented on the purchase by Patrick Nash and Chris Sparacino of Bay Apartment Advisors in Oakland.
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