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July 12, 2024
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Novin Development Corporation Acquires 71-Unit Res Community in the Bay Area


Novin Development Corporation (NDC) acquired The Post, a 71-unit apartment community in the NoCal city of Pleasant Hill, for $23.15 mil ($326k/unit). The 40.8k sf apartment community acquisition was made possible through the Housing for Health Fund, a naturally occurring affordable housing preservation fund created by Enterprise Community Investments, among others.

Located at 1460 Contra Costa Blvd, the property was built in 1960 and features a mix of one-, two- and three-bedroom units. Amenities include community pool and laundry room and off-street parking. The property has undergone extensive exterior improvements including new leasing office, custom paving, new pool fencing and enclosure along with a new front façade and landscaping.

Keith Manson, Zachary Greenwood and Mac Watson of CBRE’s East Bay Multifamily team represented the seller, PTLA Real Estate Group, in a Naturally Occurring Affordable Housing (NOAH) transaction. NDC is a sponsor and developer of large multi-family development projects.

“Only three other properties north of 50 units have traded in Pleasant Hill in the last 10 years. This rare sale presented a unique opportunity to address the Bay Area’s housing crisis, particularly as rents in parts of the Bay Area are approaching pre-pandemic levels,” said Manson. “NDC’s commitment to social responsibility and mission to increase the housing supply to a broad spectrum of incomes aligns with the current housing needs in the region.”

NDC secured a regulatory agreement from the City of Pleasant Hill during escrow to preserve the apartments as naturally occurring workforce housing. In the last two years, the price of single-family homes in Pleasant Hill increased more than 40 percent.

"We are losing naturally occurring affordable homes at a pace faster than we can build new units due to speculative value-add investment strategies that lead to gentrification and unsustainable rent increases. The preservation of workforce level affordable units at or below 80% AMI is critical to solving the Bay Area’s housing crisis and we are excited to play a small part," said Iman Novin, President of Novin Development.

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