Vista Investment Group JV Pays $91M for East Bay Community

Equity Residential had owned the 221-unit Northridge Apartments property for more than two decades.
Northridge Apartments. Image courtesy of Vista Investment Group
Northridge Apartments. Image courtesy of Vista Investment Group

Vista Investment Group and Tokyu Land US Corp. have purchased Northridge Apartments in Pleasant Hill, Calif. The $91 million deal marks the partnership’s first acquisition. Seller Equity Residential had owned the asset since 1998, when it paid $16.9 million for the garden-style community, according to Yardi Matrix data.

Located at 235 Camelback Road on a 6.6-acre site, Northridge is adjacent to Diablo Valley College and minutes from Interstate 680. Pleasant Hill Shopping Center is within walking distance of the property, with two other retail options 1.5 miles away. The 16-building community consists of studios and one- to three-bedroom apartments. Amenities include a clubhouse, two swimming pools, a fitness center and laundry facilities. Vista plans to upgrade the 1974-built asset’s common areas, interiors and exteriors.

Stanford Jones, Salvatore Saglimbeni, Philip Saglimbeni and Alex Tartaglia from Marcus & Millichap division Institutional Property Advisors worked on behalf of the seller. Recently, Equity Residential also sold one of its Phoenix multifamily assets for $31 million.