OAKLAND, CALIF. –– CBRE announced the sale of The Post apartments in Pleasant Hill, Calif. for $23.15 million to Novin Development Corporation (NDC), a sponsor and developer of large multi-family development projects. The 40,780 sq. ft., 71-unit apartment community acquisition was made possible through the Housing for Health Fund, a naturally occurring affordable housing preservation fund created by Enterprise Community Investments, among others.
Keith Manson, Zachary Greenwood and Mac Watson of CBRE’s East Bay Multifamily team represented the seller, PTLA Real Estate Group, in a Naturally Occurring Affordable Housing (NOAH) transaction.
Located at 1460 Contra Costa Blvd, the property was built in 1960 and features a mix of one-, two- and three-bedroom units. Amenities include community pool and laundry room and off-street parking. The property has undergone extensive exterior improvements including new leasing office, custom paving, new pool fencing and enclosure along with a new front façade and landscaping.
“Only three other properties north of 50 units have traded in Pleasant Hill in the last 10 years. This rare sale presented a unique opportunity to address the Bay Area’s housing crisis, particularly as rents in parts of the Bay Area are approaching pre-pandemic levels,” said Keith Manson, Senior Vice President of CBRE. “NDC’s commitment to social responsibility and mission to increase the housing supply to a broad spectrum of incomes aligns with the current housing needs in the region.”
NDC secured a regulatory agreement from the City of Pleasant Hill during escrow to preserve the apartments as naturally occurring workforce housing. In the last two years, the price of single-family homes in Pleasant Hill increased more than 40 percent.
“We are losing naturally occurring affordable homes at a pace faster than we can build new units due to speculative value add investment strategies that lead to gentrification and unsustainable rent increases. The preservation of workforce level affordable units at or below 80 percent AMI is critical to solving the Bay Area’s housing crisis and we are excited to play a small part,” said Iman Novin, President of Novin Development
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.