ConAm Deepens Its Investment in Bay Area with Acquisition of 127-Unit Apartment Community in Brentwood, CA

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.

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.

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

LAstfalk@browermillercole.com

PKF Hospitality Research Not Concerned About The Current Tumultuous Stock Market

R. Mark Woodworth

 Atlanta, GA – Recent gyrations on Wall Street may have hoteliers questioning whether this is the beginning of the end to the good times that have characterized the U.S. hotel industry for the past five years.

 PKF Hospitality Research (PKF-HR), a CBRE Company, does not believe so and is reaffirming its near-to-mid-term forecast for strong lodging financial performance. 

According to PKF-HR’s recently released September 2015 edition of Hotel Horizons®, U.S. hotels will continue to enjoy above long-run average revenue per available room (RevPAR) growth through 2018.

“It is hard to ignore what has been happening on Wall Street, but the forecasts of employment and income that we rely on to prepare our estimates of future lodging supply, demand and average room rates (ADR) remain strong,” said R. Mark Woodworth, senior managing director of PKF-HR.

 “The recent volatility in the stock market is an indicator of the uncertainty that persists in the U.S. and world economies.  However, the probability of a downturn in hotel industry performance remains remote.”

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

chris@dalygray.com