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| 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.
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| 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.
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| 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.
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| 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.
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| 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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