Abacus Capital Pays $98M for Bay Area Asset
The property traded for a lower price than it did in 2018.
Abacus Capital Group has purchased The Park Central, a 259-unit community in Concord, Calif., for $98.3 million, or $379,343 per unit, The Registry reported. Sequoia Equities sold the asset after seven years of ownership.
Sequoia had acquired the property for $117 million in 2018 from Greystar, Yardi Matrix data shows. To finance the purchase, Walker & Dunlop originated a seven-year, $74.3 million Fannie Mae loan which bore a 4.27 percent interest rate. The note was scheduled to mature at the beginning of this month.
The Park Central, up close
The Park Central came online in 2002 at 1555 Galindo St. The property comprises two four-story buildings with one- to three-bedroom units ranging between 610 and 1,480 square feet, according to the same source. Shared amenities include a fitness center, clubhouse, swimming pool, spa and covered multi-level parking with more than 400 spots.
The 2.6-acre property is near Interstate 680 and California State Route 242, within 2 miles of Buchanan Field Airport. There are several shopping centers nearby, as well as a John Muir Health medical center. Downtown San Francisco is some 30 miles southwest.
San Francisco multifamily market is recovering
In the first seven months of the year, San Francisco saw almost $842.2 million in multifamily investment sales, with properties changing hands at $422,340 per unit on average, according to Yardi Matrix data. During the same period of last year was smaller, the investment volume amounted to $614.9 million, while the average per-unit price clocked in at $303,349.
Average advertised asking rents in the metro rose 0.5 percent to $2,880 on a trailing three-month basis through May, 20 basis points higher than the national figure, a recent Yardi Matrix report shows. Occupancy rate clocked reached 95.4 percent as of April, up 10 basis points year-over-year.
