Sale exemplifies institutional investment in middle markets nationwide
(EDITOR’S NOTE: The property sold for about $214,285 per unit).
Antioch, Calif. – Leading diversified professional services and investment management company Colliers announced that its Northern California offices recently facilitated the sale of an 84-unit multifamily property called Crestview Pines Apartments in Antioch, California. Colliers’ East Bay Multifamily Team led by Vice President Gavin McDowell & Ryan Rodriguez represented the seller, Petaluma-based Kadami Enterprises, and buyer, San Francisco-based, Fowler Property Acquisitions. The sale was finalized on July 27 for $18,000,000.
“We are seeing institutional capital chasing middle markets nationwide. For this specific property, we sourced 11 offers,” said McDowell. “The aggressive nature and terms currently seen from institutional players in this market will set the benchmark for the next six to twelve months. We expect to see continued cap rate compression as multifamily remains one of the most sought after asset classes.”
Located at 1600 Aster Drive, Crestview Pines Apartments are comprised of one-, two- or three-bedroom units . The 3.27-acre lot is further highlighted by landscaped courtyards, a gated swimming pool with a sundeck, on-site laundry, controlled-access gates, surface parking and private balconies or patios for each unit. Less than one mile away from the property are amenities like retail shopping and dining at the Century Plaza Shopping Center, transportation networks like BART and Highway 4 as well as the Kaiser Permanente Delta Fair Medical Offices.
In 2020, Antioch was one of a few sub-markets to experience rent growth at 3.2%. As tenants continue to migrate away from Bay Area metros, such as San Francisco and Oakland, rent growth will foreseeably rise in tertiary markets.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.