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| The Lakes, a 102-unit value-add multifamily community in Concord, CA |
CONCORD, CA, May 27, 2020 –
Levin Johnston
of Marcus and Millichap, one of the top multifamily brokerage
teams in the U.S. specializing in wealth management through commercial real
estate investments, has directed the sale of
The Lakes, a 102-unit
value-add multifamily community in Concord, California.
Levin Johnston’s Executive Managing Director Adam Levin
and Senior Managing Director Robert Johnston represented the seller and
procured the buyer in the transaction.
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| Adam Levin |
“The Lakes in Concord is a well-positioned asset for investors looking to
achieve and sustain long-term wealth.
"Concord’s convenient location, in
addition to its comparatively low price point for the region, continues to
attract renters employed throughout the Bay Area,” explains Levin.
“This acquisition is an ideal value-add opportunity for the
buyer to implement strategic upgrades and simple operational improvements to
drive strong return-on-investment, alongside organic growth based on increasing
demand.”
The community is located near the borders of Concord, Pleasant Hill, and
Walnut Creek and provides residents with direct access to local amenities, BART
stations, and the greater Bay Area, notes Levin.
“This property was previously marketed unsuccessfully by
another broker in the Bay Area,” says Johnston. “We understood the value of its
straightforward value-add roadmap and were able to quickly identify a buyer who
will be able to achieve institutional management results and capitalize on
economies of scale based on their current local portfolio.”
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| Robert Johnston |
Johnston also notes that the brokerage team’s deep knowledge of the local
market and close relationships with the buyer and seller were instrumental in
bringing the deal to the finish line in the current climate.
“By understanding the impacts of the pandemic on the Bay Area market and
investor, we were able to negotiate a price that made sense for both the buyer
and the seller,” adds Levin.
“Ultimately, we got the seller comfortable with providing
the buyer with a small concession in order to finalize the transaction in a
timely manner that was satisfying for both parties.”
Originally constructed in 1967-68, the three-building
community offers one- and two-bedroom floorplans. Unit interiors are currently
being upgraded to include new wood grain flooring and carpet, new countertops
and cabinets, stainless steel appliances, and modern lighting fixtures.
Additional community amenities include a newly renovated swimming pool,
secure parking electrical gates, two gazebos on the lake, laundry facility,
elevators, and covered exterior walkways.
The Lakes is located at 1818, 1819, 1850 Laguna Street in Concord,
California.
Contacts:
Alex Caswell / Elisabeth Manville
Brower Group
(949) 438-6262
