Colliers International Arranges Sale of Large Bay Area Multifamily Senior Housing

Walnut Creek, CA – February 22, 2016 – Colliers International announced today that it has arranged one of the largest, senior multihousing communities in Contra Costa County with the sale of Creekside Village, an 88-unit, garden style market rate senior multifamily property located in Pittsburg, CA. for $11,350,000.

The Walnut Creek, CA based Colliers International investment sales team representing the seller was Rich Martini, Vice President, Bill Hillis, Sr Vice President and Curt Scheve, Sr. Vice President who marketed the property on behalf of the seller, Lark Creek, LLC. The buyer was Creekside Apartment Investors, LLC, consisting of the managing partners of L5 Real Estate Investments and Equity Consultants Real Estate.

“The East Contra Costa County area of the East Bay is projected to increase its population of senior residents 55+ over the next several years, with Creekside Village expected to capitalize on that growth as one of only a handful of market rate, senior multifamily communities in the submarket”, said Rich Martini, Vice President, Investment Services Group.

“We remain bullish on multifamily and senior housing opportunities in the East Bay and throughout Northern California” explains Mike Flaherty, CEO of El Dorado Hills based L5 Real Estate Investments. “Creekside Village was an attractive acquisition with immediate value add upside for us and our investors. We believe the market to have long term growth potential and expanding mass transit alternatives.” L5 Investments and its partners continue to seek value add, multifamily investment opportunities in national markets of growth and stability.

Creekside Village, built in 2003 is a private, gated 88-unit senior housing community accommodating adults 55 and older located just off of Railroad Ave in Pittsburg, CA. The unit mix consists of 82 one bedroom floor plans of 687 and 776 square feet, and 6 two bedroom plans of around 900 square feet each. The five buildings, plus community room and pool/spa sit on +-6.22AC.

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.

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