Concord, CA – May 13, 2015 – CBRE has announced the sale of The Modera Apartments, a 40-unit apartment building in Concord, California. The property sold for $7,350,000 or $183,750 per unit and $255.00 per square foot. The CAP rate was approximately 5.0% with a GRM of almost 12. The seller was Graham Chernoff of Cumberland Holdings and the buyers were local investors in a 1031 exchange. Keith Manson, Vice President of CBRE Oakland, represented both the seller and the buyer.
“The Modera Apartments were sold for one of the highest prices per unit in Concord history for renovated 60’s product. Despite the price per unit, the CAP rate was favorable to the buyer due to efficient management, an aggressive RUBS program and clean unit layouts making it easy to capture market rents.”
The Modera Apartments is a newly renovated, turnkey community originally built in 1969. The units feature one bedroom and two bedroom units with an on-site laundry facility, oversized balconies and patios, as well as swimming pool/barbeque area.
Keith Manson leads CBRE’s East Bay Investment Properties Multifamily Team and serves the investment needs of both property owners and buyers with a focus on the sale of multi-housing properties, land to develop apartment buildings and condominium conversions/reversions.
About Cumberland Holdings, LLC
Cumberland Holdings (CHLLC) is a real estate investment and asset management company. The company’s investment philosophy is to sponsor investments where the majority of its return is generated by current cash flow. By locating good functional real estate in markets with solid tenant demand drivers and significant barriers to new development, cash flow has strong prospects for growth. Cumberland Holdings’ value-added investment strategy focuses on the acquisitions with favorable near-term prospects for improving rents and property values through active property renovation, repositioning, and management. This philosophy achieves the most predicable risk adjusted investment returns. Cumberland Holdings has offices in San Francisco, CA and Rolling Hills, CA and invests in California, Washington and Oregon.
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 (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.