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4/05/22
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The Lakes Apartments, a 102-unit apartment community located in the Bay Area city of Concord, traded hands in a recent deal worth $31.5 mil, or $308.8k/unit. Built in 1967, The Lakes is situated on 4.2 acres at 1818, 1819 and 1850 Laguna St, roughly 20 miles northeast of Oakland.
The Lakes has a gross building area of approximately 81k sf and features a mix of one- and two-bedroom floor plans. In addition to the newly upgraded units, the community also offers residents many amenities including renovated exteriors, secure vehicle and pedestrian entrances, on-site laundry, a recently remodeled pool, and private balconies and patios.
The property is located near the borders of Concord, Pleasant Hill, and Walnut Creek, providing residents with direct access to major employers, local amenities, BART stations, and the greater Bay Area. Some of the units have undergone significant capital improvements and renovations, which include style modernization, high-end designer finishes, updated kitchens, new exterior paint, deck enclosures, and catwalk railings throughout the exteriors.
The Lakes is near many of the nation’s top tech employers including Apple, Google, Facebook, IBM, Intel, Yahoo, Cisco Systems, Adobe Systems and LinkedIn. Residents at The Lakes can enjoy the many amenities and conveniences provided by Concord and the surrounding area. Notable attractions in Concord include Ellis Lake Park, Diablo Creek Golf Course, Six Flags Hurricane Harbor Concord, Todos Santos Plaza and a myriad of fine dining, shopping and entertainment options.
Adam Levin and Robert Johnston with Levin Johnston of Marcus and Millichap represented the sellers and procured the buyer, a private investor.
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