MARTINEZ, Calif., Jan. 11, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Hidden Creek Apartments, a 168-unit multifamily property in Martinez, California. The sales price is $47.5 million ($282,738 per unit).
“Martinez is the county seat of Contra Costa County and is also proximate to other employment, retail and entertainment centers in Walnut Creek, Concord, Pleasant Hill and additional inner-ring San Francisco Bay Area cities,” said IPA senior director Salvatore Saglimbeni. “The immediate area surrounding Hidden Creek is highlighted by strong demographics, including a historical average annual household income of more than $120,000 within a one-mile radius.”
Salvatore Saglimbeni, Stanford Jones, IPA executive director, and Philip Saglimbeni, IPA senior director, represented the seller, Fairfield Hidden Creek LLC.
Built in 1985 on 5.4 acres in a quiet neighborhood setting, Hidden Creek Apartments is near California State Route 4, interstates 680 and 80 and the North Concord/Martinez Bay Area Rapid Transit (BART) station. The property’s one- and two-bedroom floor plans average approximately 793 square feet. The community includes a resort-style swimming pool with furnished sundeck, an updated fitness center, a business center and children’s playground.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.