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| The Lakes Apartments, a 102-unit apartment community located at 1818, 1819, 1850 Laguna Street in Concord, CA |
Concord, CA– 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, announces its most recent multifamily transaction: the $31.5 million sale of
The Lakes Apartments, a 102-unit
apartment community located in Concord, California, the largest city in Contra Costa
County and the 8th largest city by population in the Bay Area.
The Lakes is located at 1818, 1819, 1850 Laguna Street in Concord, California.
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| Adam Levin |
In the transaction, Levin and Johnston represented the sellers and procured the buyer, a private investor.
“Select
units have undergone a tremendous number of capital improvements and
renovations, which include style modernization, high-end designer finishes,
updated kitchens, new exterior paint, deck enclosures, and catwalk railings
throughout the exteriors,” says Levin.
“Ultimately, we were able to present the buyer with a rare opportunity to acquire a well-located, stabilized, turnkey multifamily asset that offers the potential for strategic upgrades to the remaining units to further drive strong ROI.
"This speaks to our team’s ability to stay ahead of the competition and deliver access to the best investments possible.”
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| Robert Johnston |
“Concord,
located about 30 miles east of San Francisco, is a major regional center on the
East Bay and supplies an abundance of employment, dining, and entertainment
offerings,” adds Johnston.
“For professionals, many of the nation’s top tech employers including Apple, Google, Facebook, IBM, Intel, Yahoo, Cisco Systems, Adobe Systems and LinkedIn are within close proximity to the property, making it an attractive place to call home.”
Arleeny Escarcega / Anthea Davis
(949) 438-6262
