Thursday, June 16, 2016

L5 Investments Partnership Completes $11.35 Million Acquisition of 88-Unit Apartment Community in East Bay Submarket of San Francisco

Creekside Village Seniors Housing Community, Pittsburgh, CA

 San Francisco, CA, June 16, 2016 – A partnership between L5 Investments and Equity Consultants Real Estate has acquired Creekside Village, an 88-unit senior housing community in Pittsburgh, CA, a city within the East Bay submarket of San Francisco.

Built in 2003, the non rent-controlled property was acquired for $11.35 million (approximately $129,000 per unit) and was fully occupied at the close of escrow. 

Michael Flaherty
The partnership plans to add value to the asset in order to bring rents up to market rates by embarking on a $600,000 renovation strategy. 

Some of the major improvements include remodeling the leasing center, upgrading interior units, and improving landscaping and other exterior areas, in addition to improving operational functions in order to better cater to the needs of its senior residents.

“We believe Pittsburgh is an ideal Bay Area location for apartment investment due to lack of affordability within downtown San Francisco and other high demand East Bay markets – especially for 55-plus age-restricted communities,” said Michael Flaherty, founder and managing partner of L5  Investments, a Northern California-based multifamily investment firm.

“In addition to the value-add play, Creekside Village provided a number of attractive benefits as it is on the same street as a new BART station, and the property is one of just two age-restricted properties in the area.”

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

Darcie Giacchetto


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