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| 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.
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| 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
949.278.6224
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