Oakland, CA – CBRE today announces the sale of The Tuscany Apartments, a 71-unit apartment building in Pleasant Hill, CA. The Tuscany Apartments is a motel style community built in 1961 with a good unit mix of one bedroom, two bedroom and three bedroom units. The property sold for $10,515,000 which equated to $148,099 per unit and $257 per square foot. The CAP rate was approx 4.77%. The seller was Pinecrest Apartments, LLC, managed by local investor Sarosh Kumana, and the Buyer was Riaz Taplin, owner of Artthaus, a design and project management company based in San Francisco, and Best Bay Apartments, a property management company in Oakland. Keith Manson of CBRE (Oakland) represented both parties in the transaction.
Keith Manson leads CBRE’s East Bay Private Capital Multi-Housing Team and serves the multi-housing investment property needs of the Private Investor – both property owners and buyers. The East Bay Private Capital Multi-Housing Team is focused on the sale of multi-housing properties, land to develop apartment buildings and condominium conversions/reversions.
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 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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