Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, announces its most recent multifamily transaction: the $31.5 million sale of The Lakes Apartments, a 102-unit apartment community located in Concord, California, the largest city in Contra Costa County and the 8th largest city by population in the Bay Area.
Much of the investment appeal of The Lakes can be attributed to the extensive updates and renovations that the sellers had previously implemented to the exterior and interior of select units throughout, according to Adam Levin, Executive Managing Director, and Robert Johnston, Senior Managing Director of Levin Johnston. In the transaction, Levin and Johnston represented the sellers and procured the buyer, a private investor.
“Select units have undergone a tremendous number of 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,” says Levin. “Ultimately, we were able to present the buyer with a rare opportunity to acquire a well-located, stabilized, turnkey multifamily asset that offers the potential for strategic upgrades to the remaining units to further drive strong ROI. This speaks to our team’s ability to stay ahead of the competition and deliver access to the best investments possible.”
In addition to offering a high quality of living, The Lakes is an attractive choice for East Bay renters due to its location 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, notes Johnston.
“Concord, located about 30 miles east of San Francisco, is a major regional center on the East Bay and supplies an abundance of employment, dining, and entertainment offerings,” adds Johnston. “For professionals, many of the nation’s top tech employers including Apple, Google, Facebook, IBM, Intel, Yahoo, Cisco Systems, Adobe Systems and LinkedIn are within close proximity to the property, making it an attractive place to call home.”
Residents at The Lakes can also 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. The property is also within close proximity to many transportation corridors including California State Route 242, Interstate 680 and Concord BART Station.
Situated on a large 4.2-acre parcel of land, The Lakes was originally constructed in 1967 and has a gross building area of approximately 80,862 square feet, offering tenants beautifully designed 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 Lakes is located at 1818, 1819, 1850 Laguna Street in Concord, California.