BRENTWOOD, Calif., August 31, 2015 – The ConAm Group (ConAm), a San Diego-based real estate investment, development and services firm, is deepening its investment by expanding its multifamily portfolio in the Bay Area with the $26.4 million acquisition of TownCentre Commons, a 137-unit apartment community in Brentwood, California.
“This property is located in the historic downtown Brentwood submarket, making it strongly aligned with our strategy to acquire well-located assets in growing submarkets throughout the Bay Area,” says George Lloyd, ConAm’s Executive Vice President of Acquisitions. “The asset provides easy access to the entire Bay Area, Central Valley and Sacramento markets, and creates an opportunity for strong rental growth and tremendous long-term value.”
Brentwood is an affluent community that is demonstrating rapid growth potential, according to Lloyd, who notes that a recent Nielsen report projects an anticipated 11.35 percent increase in population by 2019.
Lloyd adds, “The TownCentre Commons apartment community represents the demands of today’s renters, who are seeking centrally located housing close to high-quality amenities.”
At the time of the acquisition, the apartment community was 98.5% percent occupied. ConAm plans to implement a series of interior and exterior upgrades to the property, including the property’s common area amenities.
“Our plan is to immediately improve the overall aesthetics of the property, and complete the balance of the interior renovation which will enable us to attract new residents and increase current resident retention,” says Rob Singh, ConAm’s President and Chief Investment Officer. “The property upgrades will also provide the opportunity for future rent increases, coinciding with population and job growth in this affluent area.”
Singh also notes that with this acquisition, ConAm’s Northern California portfolio now totals approximately 14,850 units, including owned and managed assets.
The TownCentre Commons apartment community is located at 1275 Central Blvd. in Brentwood, California. ConAm and the seller, Ridge Capital Investors were represented by Seth Siegel and Jason Parr at Cushman & Wakefield.
About the ConAm Group of Companies:
Founded in 1975, The ConAm Group of Companies is a full-service real estate management and investment firm specializing in multifamily housing. Based in San Diego, California, the firm is active in the development, acquisition and rehabilitation of apartment communities. ConAm oversees a nationwide portfolio of over 50,000 fee-managed and company-owned apartments in major metropolitan areas in 12 states. For additional information, please visit ConAm’s website at: www.conam.com.