Bay Apartment Advisors Brokers the Sale of 48 Units in Concord for $8.8MM

Bay Apartment Advisors, Concord, residential real estate news, Wavemar II, Bay Area, The Diablo Villas,CityPlace Apartments

Diablo Villas Press ReleaseBay Apartment Advisors has brokered the sale of a 48 unit apartment complex located at 1136 Virginia Lane, known as The Diablo Villas. The property is a 48 unit apartment building located in the Monument Corridor of Concord, California. The complex at comprises 12, two-story buildings that were built in 1964 and converted to condominiums in 2010. The property consists of approximately 43,008 square feet of residential living space spread out over one +/- 2.25 Acre Parcel.

The purchase price of the complex was $8,825,000 which equates to $183,854 per unit and a 5.63% Cap Rate on current operations

Diablo Villas Press Release2The property consists of (24) two bedroom/ one and one-half baths and (24) two bedroom / two bathroom units. Amenities include gated entrance, beautifully landscaped grounds, onsite parking, washer/dryers in each unit, 24 hour video surveillance and a pool/BBQ area.

The buyer of the complex, Wavemar II, LLC which is a local owner of apartments, plans on continuing to operate the property as an apartment complex rather than selling as condominiums. The property will be re-branded CityPlace Apartments by the new Ownership.

Patrick Nash and Christopher Sparacino of Bay Apartment Advisors Represented both buyer & seller in the transaction.

About Bay Apartment Advisors
Bay Apartment Advisors is an apartment Brokerage and Investment Management firm based in Oakland California. Since 2010 Bay Apartment Advisors has been a leader of Multi-Family housing transactions in The SF Bay Area.

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