RICHMOND, CA, June 15, 2011 – Institutional Property Advisors (IPA), a brokerage platform serving the needs of institutional and major private investors, has announced the sale of Bella Vista at Hilltop (top left photo), a 1,008-unit multifamily property located in Richmond. IPA is a division of Marcus & Millichap Real Estate Investment Services.
David Forrest and Randall Calvert of GMH Capital Partners Commercial Realty Services LP represented the seller, GMH Capital Partners.
The Jones-Saglimbeni Group of IPA, which includes Stan Jones (middle right photo), Phil Saglimbeni (lower left photo) and Sal Saglimbeni, also provided representation. The buyer was Kennedy Wilson.
The property was marketed in 2008, but did not close because of the recession’s impact on the capital markets, according to Jones.
“This closing signifies the overall improvement in market conditions, specifically in the San Francisco Bay Area multifamily sector,” says Jones.
Phil Saglimbeni adds, “The combinations of significant liquidity returning to the capital markets, improving operations and very attractive interest rates have facilitated strong buyer demand for larger multifamily opportunities in core markets.”
Gary Holloway Jr., president of GMH Capital Partners says, “We were very pleased with the entire sale process, and found the Jones-Saglimbeni Group to be an invaluable resource of market data throughout our ownership of Bella Vista.”
Located at 3400 Richmond Pkwy., the 893,856 square-foot Bella Vista at Hilltop is 20 miles from San Francisco and 15 miles from downtown Oakland in Contra Costa County.
Built in 1988, the property consists of 42 buildings on approximately 50 acres. The unit mix is 48 percent one-bedroom units and 52 percent two-bedroom units. Bella Vista at Hilltop’s community amenities include five swimming pools, four lighted tennis courts, a state of the art fitness center and a fully equipped business center.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
