Comerica Bank provided the four-year construction loan.
Gemdale USA is bringing 189 units to Pleasant Hill, Calif.
Marcus & Millichap’s Institutional Property Advisors represented the seller and procured the buyer.
The transaction marks the company’s third acquisition in the market.
BMO Harris Bank is providing financing for the new build-to-rent community.
The property last changed hands for $29.8 million, in 2014.
The developers aim for an early 2023 completion.
Institutional Property Advisors represented the seller, SB Pacific Group, and procured the buyer.
The two-tower downtown community last traded in 2014.
The property will undergo a value-add improvement program.