Wednesday, April 10, 2013

$21.25 Million San Francisco Bay Area Sale Arranged by IPA

Presidents Park Apartments, Bay Area of Pittsburgh, PA

 PITTSBURG, CA– Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Presidents Park Apartments, a 208-unit apartment complex in the Bay Area city of Pittsburg. The sales price was $21,250,000.

Stanford Jones
            IPA executive director Stanford Jones, IPA senior directors Philip Saglimbeni and Salvatore Saglimbeni, and Marcus & Millichap senior vice president investments Kevin Turner advised the seller, Friedkin Realty Group.  The buyer was Fowler Property Acquisitions.

Phil Saglimbeni
            “Presidents Park’s investment appeal is driven by the area’s strong multifamily fundamentals, with an average market occupancy of over 95 percent and 6 percent year-over-year rent growth through the end of 2012,” says Jones.

“The property is well positioned for strong cash returns given the stable historical operations, significant in-place loss-to-lease and favorable in-place financing,” concludes Sal Saglimbeni.
Sal Saglimbeni

Built in 1986 on 8.7 acres, the property is located at 1128 East Leland Road, approximately five miles east of a Bay Area Rapid Transit (BART) station. 

Presidents Park is composed of 14 two-story residential buildings featuring one- and two-bedroom floor plans in three distinct designs. 

The units average approximately 796 square feet and feature washer/dryer connections, central heating and air conditioning, gourmet kitchens, spacious closets, and patios and balconies with storage closets.

Kevin Turner
The amenities package includes two resort-style swimming pools, a hydrotherapy spa, a sports court, a state-of-the-art fitness center with sauna and an executive business center with a conference room.

For a complete copy of the company’s news release, please contact:

Ben Johnson,
 Marketing Director
(925) 953-1736

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