PALO ALTO, CA – Pacific Urban Residential (PUR) continues to be one of the most active West Coast multifamily investors, announcing today that it has acquired Sterling Cove apartments located in Concord, California for an undisclosed price. This marks PUR's fourth East Bay acquisition in less than twelve months, having acquired properties in Fremont, Dublin and Castro Valley since September 2014.
"We remain enthused about East Bay investment fundamentals and are excited about the value-add opportunity that Sterling Cove represents,” states Kendrick Askew, PUR’s Vice President of Investments. Per Askew, Pacific is actively seeking additional investments throughout the San Francisco Bay Area.
The 218-unit Sterling Cove was constructed in 1970 and sits three blocks from Vista Apartments, another PUR owned apartment community acquired in 2013. Pacific will implement a comprehensive capital improvement plan addressing all aspects of the property including the building exteriors, systems, common areas and unit interiors.
Anthony Pappageorge and Richard Knutson of Newmark Cornish & Carey represented both the Buyer and Seller in the off-market transaction. “We are very bullish on the Concord multifamily market. The City is maturing as a hub of commerce and culture, with a strategic BART Station and nearby Todos Santos Plaza.” notes Pappageorge.
Pacific Urban Residential has acquired over $3.5 billion of multifamily investments since its founding in 1998. Today, Pacific’s West Coast multifamily portfolio totals over 7,000 apartment homes with a value in excess of $2 billion.