[contextly_sidebar id=”Fls0grJZVf1aTwkqULLncpZOkTfr5gyz”]This transaction is the fourth East Bay acquisition that Pacific Urban had conducted in less than twelve months. Other purchases were in Fremont, Dublin and Castro Valley, and all have been completed since September of 2014.
Palo Alto-based Pacific Urban Residential announced today that it had acquired the 218-unit Sterling Cove apartments located in Concord at 1441 Detroit Ave. While the company declined to state the purchase price and name the seller, public records indicate that the sale closed on June 10th and the sale price was $35 million, or just over $160,000 per unit. According to the same document, the seller was an entity associated with the Evilsizor family.
“We remain enthused about East Bay investment fundamentals and are excited about the value-add opportunity that Sterling Cove represents,” said Kendrick Askew, Pacific Urban’s vice president of investments in a prepared statement. Askew added that the company will be seeking additional investments through the region as it continued its strategic expansion.
Sterling Cove, which was constructed in 1970, is located just three blocks from Vista Apartments, which is another Pacific Urban community. The company has owned it since 2013. Pacific Urban will invest in upgrading the apartment community through a capital improvement plan that will address building exteriors, systems, common areas, as well as the unit interiors.
Newmark Cornish & Carey’s Anthony Pappageorge and Richard Knutson represented both the seller and the buyer on the transaction, which was conducted as an off-market deal.
“We are very bullish on the Concord multifamily market. The city is maturing as a hub of commerce and culture, with a strategic BART Station and nearby Todos Santos Plaza,” stated Pappageorge in a statement.
Pacific Urban’s west coast portfolio today stands at over 7,000 units with a value exceeding $2 billion. Since its founding in 1998, the company has acquired over $3.5 billion of multifamily investments.