East Bay Value-Add Property Trades for $27M
HomeStreet Bank originated more than $17 million in acquisition financing for the 102-unit community.
The Lakes. Image courtesy of Marcus & Millichap
Brad Management has sold The Lakes, a 102-unit property in Concord, Calif., for $26.8 million to a family trust. HomeStreet Bank originated a $17.4 million acquisition loan for the buyer with a maturity date set for 2050, according to Contra Costa records. The seller had acquired the community at the end of 2017 for $21 million, Yardi Matrix shows.
Located on 3.6 acres at 1818 Laguna St., the asset is half a mile from the Concord BART station and the Willow Pass Road retail corridor. Interstate 680 links the community to downtown San Francisco, some 30 miles southwest.
Completed between 1967 and 1968, the property comprises one- and two-bedroom apartments in four three-story buildings. Common-area amenities at the gated community include a swimming pool and laundry facilities as well as an on-site lake. The new owner plans to continue renovations at the asset begun by Brad Management.
Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston from Marcus & Millichap closed the deal on behalf of the seller. In early April, the duo had advised a private investor in another Bay Area multifamily deal.
