|
|
4/15/24
|
California Villas, a 35-unit multifamily community in the East Bay Area city of Concord, traded hands for $9.15 mil ($261.4k/unit). A private buyer purchased the asset from a local private investor.
Located at 1621 Detroit Ave, just east of Hwy 242, California Villas has 23 one-bedroom units and 12 two-bedroom units, all of which have air conditioning with private balconies or patios. The property was built in 1966, totaling 25k sf on just under one acre. Amenities include a community pool, coin-operated laundry and gated security access.
Nearly 70% of the units received significant interior upgrades including new cabinets, vinyl plank flooring, granite countertops and stainless steel appliances. Recent exterior improvements include repair/replacement of all balconies, rebuilt patios, new paint/light fixtures and a renovated parking area.
California Villas is situated just a five-minute drive from retail amenities including The Veranda, Willow Shopping Center and Sun Valley Shopping Center and a 15-minute drive from Walnut Creek’s Broadway Plaza.
CBRE’s Keith Manson, Zachary Greenwood and Mac Watson represented the seller in the transaction. According to Manson, over the last two years, only seven multifamily communities built before 2000, with 30-100 units, have traded in the I-680/CA-24 corridor.
The average U.S. monthly mortgage payment for a newly purchased home surpasses apartment rents by 38%, according to CBRE Research. San Francisco Bay Area’s premium for a new home mortgage is currently 2.6x more than pre-pandemic levels, the fourth highest of major U.S. markets.
CBRE estimates a shortage of 3.8 million housing units in the U.S., primarily in single-family homes and smaller multi-unit dwellings. Single-family homes and smaller multi-unit dwellings account for approximately 90% of the overall shortage, which is expected to persist until at least 2029.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
