ConAm Strengthens Bay Area Investment Portfolio
- Sep 03, 2015
Brentwood, Calif.—San Diego-based real estate investment, development and services firm The ConAm Group (ConAm) is extending its investment by expanding its multifamily portfolio in the Bay Area.
ConAm acquired TownCentre Commons, a 137-unit apartment community in Brentwood, California, for $26.4 million.
“This property is located in the historic downtown Brentwood submarket, making it strongly aligned with our strategy to acquire well-located assets in growing submarkets throughout the Bay Area,” said George Lloyd, ConAm’s executive vice president of acquisitions. “The asset provides easy access to the entire Bay Area, Central Valley and Sacramento markets, and creates an opportunity for strong rental growth and tremendous long-term value.”
According to Lloyd, Brentwood is an affluent community demonstrating rapid growth potential. He noted that a recent Nielsen report projects an anticipated 11.35 percent increase in population by 2019.
“The TownCentre Commons apartment community represents the demands of today’s renters, who are seeking centrally located housing close to high-quality amenities,” he added.
At the time of the acquisition, the apartment community was 98.5 percent occupied. ConAm has plans to execute a series of interior and exterior upgrades to the property, including the common area amenities.
“Our plan is to immediately improve the overall aesthetics of the property, and complete the balance of the interior renovation which will enable us to attract new residents and increase current resident retention,” said Rob Singh, ConAm’s president and chief investment officer. “The property upgrades will also provide the opportunity for future rent increases, coinciding with population and job growth in this affluent area.”
Singh noted that this acquisition brings ConAm’s Northern California portfolio to approximately 14,850 units total, including owned and managed assets.
The TownCentre Commons community is situated at 1275 Central Blvd. in Brentwood. ConAm and the seller, Ridge Capital Investors, were represented by Seth Siegel and Jason Parr at Cushman & Wakefield.