(EDITOR’S NOTE: The property traded for about $361,313 per unit).
Ohio’s Klingbeil Capital Management acquires premier Bay Area asset in fast-growing city
SAN FRANCISCO, Calif., October 20, 2021 – Cushman & Wakefield announced today the firm has brokered the sale of Avery at TownCentre, a 137-unit, two-story apartment community located in Brentwood, California in Contra Costa County. Columbus, Ohio-based Klingbeil Capital Management acquired the San Francisco Bay Area property from ConAm for $49.5 million.
Jason Parr, Scott MacDonald, John Hansen, Michael Bissada, and Sydney Ladrech with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
“A premier asset in a leading and fast-growing San Francisco Bay Area suburb, Avery at TownCentre offered an investor the opportunity to acquire a multifamily community with multiple paths to immediate upside and below replacement cost,” said Jason Parr, Executive Director. “Built in the early 1990s and renovated in the late 1990s, the property is one of the newest rental communities in Brentwood. Is it well located just two blocks from downtown and a short drive to BART and proximate to many top employers.”
Avery at TownCentre comprises 13 buildings with a unit mix of 56 one-bedroom units, 68 two-bedroom units, 12 three-bedroom units, and one studio unit. The apartment units feature stainless steel appliances, granite countertops, wood-style flooring, private patio/balcony, with some units also featuring vaulted ceilings and washer/dryer. Community amenities include a pool, sundeck, fitness center, playground, on-site laundry facility and covered parking.
The property is located along Highway 4, and benefits from immediate access to the top performing East Bay employment hubs in the Dublin/Pleasanton submarket and along the 680 Corridor.
Brentwood is known for its high quality of life that includes some of the region’s top amenities including golf courses, upscale retail offerings, countless community events and over 250 acres of award-winning parkland. Many desirable outdoor destinations also surround the area.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.