Concord, Calif.—A joint venture formed by SyRES Properties and Legacy Partners recently announced the purchase of a Bay Area luxury residential community, as well as an adjacent development parcel. Following the acquisition, the venture plans to more than double the number of available units at Renaissance Square, as it plans to build an additional facility on the land parcel.
Renaissance Square is located at 1825 Galindo St. in Concord, Calif., an East Bay submarket that ranks high in terms of rents and occupancy. Totaling 132 residential units, Renaissance Square was developed by Signature Homes in 2008, then sold to Monogram Residential Trust in 2011.
The 153,916-square-foot property charges an average rent of $2,910 per month. Available resident amenities include controlled access, a fitness center, swimming pool, covered parking with 307 spaces, spa, and clubhouse. The Concord BART station is also nearby.
According to real estate data provider Yardi Matrix, there are eight other multifamily communities in various planning stages within a 5-mile radius from Rennaissance Square, indicative of the market’s current status and high demand. The 2.8-acre lot located next to the 132-unit community will accommodate a new 180-unit building, set to be finished by summer 2018. Danielian Associates and Architects Orange will provide the design for the property, while contracting duties will be handled by Johnstone Moyer Inc.
Image courtesy of Yardi Matrix