(EDITOR’S NOTE: The joint venture acquired the asset and a development site on the same block from Behringer Harvard for a combined $64 million, according to public documents. Legacy and SyRES paid $59.5 million for the existing building, or just over $444,000 per unit, and another $4.5 million for the land next to the existing building, where they plan to build additional 180 residences. New York-based Guardian Life Insurance Company provided a $33 million acquisition loan for the building sale that closed on August 15, 2016. Guardian also provided a construction loan up to $39 million associated with the development site.)
Legacy Partners and SyRES Properties Acquire Luxury Apartment Property and Development Site in Concord
Joint Venture to Add 180 Residences
SAN FRANCISCO (August 24, 2016) — Legacy Partners, a privately owned national real estate firm, in a joint venture partnership with SyRES Properties, a real estate investment management firm, announced the acquisition of the 134-unit luxury apartment community Renaissance Square in Concord, Calif., as well as a 2.75 acre development parcel neighboring the existing complex. Construction of an additional 180 residential units on the parcel is slated to begin early September, with an expected completion of Summer 2018.[contextly_sidebar id=”ij01AWJIkMNUdsgFMLEXr7KhLb1sUgdv”]“Renaissance Square is currently the standard of luxury apartment living in Concord,” said David Eichler, Senior Managing Director of Legacy Partners. “We look forward to the opportunity to further develop this luxury community and continue to provide a top-of-the-line living experience to our residents.”
“Concord has many attributes that are attractive for our residents,” said Glen Ceridono, Senior Vice President of SyRES Properties. “As cities in the Bay Area become more urban, people are looking for walkable communities that are close to public transportation, and Renaissance Square provides that lifestyle.”
The current four-story complex, which was completed in 2009, provides residents with an amenity-rich environment, complete with a pool and spa, fitness center, community room and kitchen, conference room space and outdoor lounge and grilling areas. The planned addition of Renaissance Square’s second phase will share these amenities and add a new leasing office, clubhouse, wine bar and demonstration kitchen.
Located in the heart of Concord, Renaissance Square sits in a neighborhood rich with restaurants, shops and other entertainment options. With the Concord BART station within walking distance, the location offers easy access to the greater Bay Area.
The architects on the projects are Danielian Associates and Architects Orange. The general contractor is Johnstone Moyer, Inc.
About Legacy Partners
Legacy Partners, a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay area, owns, develops and manages multifamily communities throughout the United States. We have regional offices in California, Colorado, Texas, and Washington and have developed more than 65,000 apartment homes in Arizona, California, Colorado, Nevada, Oregon, Texas and Washington. Since our inception, we have worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently returning exceptional results.
In addition to development, Legacy Partners provides management services for our own portfolio, as well as other owners. Combined, we manage a portfolio of over 60 multifamily communities with more than 14,000 apartment homes, and with a gross value in excess of $2 billion. For further information, please visit legacypartners.com
About SyRES Properties
SyRES Properties is a privately held real estate investment management firm focused on the acquisition, development, and asset management of institutional quality multifamily properties. Our development pipeline and acquisition prospects are concentrated in the coastal cities of the western United States. For further information, please visit syresproperties.com