(EDITOR’S NOTE: According to public documents, the property sold on July 23, 2018 for $34.7 million, or $289,166 per unit.)
Concord, CA (June 26, 2018) – Klingbeil Capital Management has sold The Summit at Lime Ridge —a 120-unit apartment community at 1070 San Miguel Rd, Concord, CA to New Standard Equities. Brett Betzler, a partner in the Moran & Co. San Francisco, and Kaohu Berg-Hee, a senior associate at Moran & Co. San Francisco, represented the seller in the transaction. The sale closed July 23, 2018.
“This sale is the culmination of a successful repositioning of an underperforming asset in a supply-constrained East Bay market,” says Rob Conn, Vice President of Klingbeil Capital Management. “By renovating unit interiors and investing in common area upgrades, we were able to rebrand the property and substantially improve its financial performance.”
The 1972-vintage property is in the Lime Ridge neighborhood just one mile from the Concord BART station. According to Edward Ring, CEO of New Standard Equities, “The extraordinary job growth in San Francisco and the East Bay has caused the demand for housing in Concord to increase significantly, and renters are demanding best in class amenities. We plan to invest in additional capital improvements that will make the property even more desirable.”
Betzler noted that the property was one of the most sought after multifamily assets in the East Bay. “Assets of this size and vintage are typically held by long term owners, and rarely come to market. There were multiple offers, and the bidding was very competitive. The seller had several good options, but ultimately chose New Standard Equities because of their strong track record and their vision for the property.”