(EDITOR’S NOTE: According to public documents, the complex sold for $21 million, or roughtly $295,775 per unit, on November 9, 2016.)
OAKLAND, CA – NOVEMBER 28, 2016 – CBRE Group, Inc. has announced the sale of The Creekside at Pleasant Hill, a 71-unit fully renovated apartment building in Pleasant Hill, California. The property, located at 1460 Contra Costa Boulevard, has undergone extensive interior and exterior renovations with updates to units as well as shared amenity spaces. The improvements resulted in the highest price per unit for any apartment building over five units and built before the year 2000 according to CoStar. The property sold for an approximate 4.25% stabilized CAP rate with substantial future upside in the rents. The Creekside at Pleasant Hill was repositioned and sold by Bay Area real estate developer and investor, Riaz Capital and purchased by a local investment group. CBRE’s East Bay Multifamily Team, led by Keith Manson, First Vice President, and Zachary Greenwood, Associate, brokered the transaction.
“Pleasant Hill has been experiencing significant rent growth over the last several years as tenants migrate further east from the tight rental markets in San Francisco and Oakland. Tenants here have multiple options for transit including the local Pleasant Hill BART station and multiple freeway routes. This helps drive values for investors looking to the East Bay for both value add and stabilized assets,” commented Manson.
“We were fortunate to have the opportunity to re-purpose the property into a wonderful community for its residents,” said Paul DiCarlo, Director of Acquisitions at Riaz Capital. “By performing a full aesthetic and structural upgrade, we were able to completely change the atmosphere of the property and achieve a significant return for our investors.”
Keith Manson leads CBRE’s East Bay Multifamily Investment Properties group and serves the investment needs of both property owners and buyers with a focus on the sale of multifamily properties and land to develop apartment buildings.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Riaz Capital
Riaz Capital, founded by Riaz Taplin, is a real estate investment and development firm that includes property management, development, and asset management services. Riaz Capital owns and operates 800 units in the East Bay in addition to 350+ units in various stages of entitlements totaling $100 million in assets under management.