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| TownCentre Commons, 1275 Central Boulevard, Brentwood, CA |
BRENTWOOD, CA – The ConAm Group (ConAm), a San Diego-based
real estate investment, development and services firm, is deepening its
investment by expanding its multifamily portfolio in the Bay Area with the
$26.4 million acquisition of TownCentre
Commons, a 137-unit apartment community in Brentwood, California.
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| George Lloyd |
“This property is located
in the historic downtown Brentwood submarket, making it strongly aligned with
our strategy to acquire well-located assets in growing submarkets throughout
the Bay Area,” says George Lloyd,
ConAm’s Executive Vice President of Acquisitions.
“The asset provides easy
access to the entire Bay Area, Central Valley and Sacramento markets, and
creates an opportunity for strong rental growth and tremendous long-term
value.”
Brentwood is an affluent
community that is demonstrating rapid growth potential, according to Lloyd, who
notes that a recent Nielsen report projects an anticipated 11.35 percent
increase in population by 2019.
Lloyd adds, “The
TownCentre Commons apartment community represents the demands of today’s
renters, who are seeking centrally located housing close to high-quality
amenities.”
At the time of the
acquisition, the apartment community was 98.5% percent occupied. ConAm plans to
implement a series of interior and exterior upgrades to the property, including
the property’s common area amenities.
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| Rob Singh |
“Our plan is to
immediately improve the overall aesthetics of the property, and complete the
balance of the interior renovation which will enable us to attract new
residents and increase current resident retention,” says Rob Singh, ConAm’s President and Chief Investment Officer.
“The
property upgrades will also provide the opportunity for future rent increases,
coinciding with population and job growth in this affluent area.”
Singh also notes that with
this acquisition, ConAm’s Northern California portfolio now totals
approximately 14,850 units, including owned and managed assets.
The TownCentre Commons
apartment community is located at 1275 Central Blvd. in Brentwood, California.
ConAm and the seller, Ridge Capital Investors were represented by Seth Siegel and Jason Parr at Cushman & Wakefield.
For a complete copy of the company’s news release,
please contact:
Lexi Astfalk or Jenn
Quader
Brower, Miller & Cole
(949) 955-7940
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