WALNUT CREEK, CA - Sequoia announces the acquisition of Park Central, a 259-unit, Class-A apartment building in the central business district of Concord, CA. This acquisition increases the firm's portfolio holdings to more than 13,000 units. The property was developed in 2003 and is comprised of over 234,000 residential square feet in two, four-story buildings.
Pat Reilly, General Partner, and Sequoia's Director of Acquisitions, Erik Peterson, laid out the case for this acquisition. "A well-located luxury building with a strong walkability score, transit-oriented, in the East Bay area submarket where Sequoia Equities has had much success over many years. Park Central is a well-built community that offered us opportunities for rent growth via interior renovations. We have respect for Greystar, the seller, and have built a strong relationship with their organization over the years. The entire transaction proved to be immediate and fluid and was aided by Mark Peterson of Eastdill Company, the broker of record.”
Terms of the transaction were not disclosed, but Sequoia shared that it plans to invest over $2.5M to further modernize the apartments and amenities of the property. Sequoia's management arm will provide the day-to-day management services for the building.
About Sequoia Equities, Inc. Established in 1986, Sequoia has always remained committed to its mission of striving to make the ordinary a little more special by inspiring our employees and creating communities where people can expect more out of everyday life. Over 25,000 residents come home to a Sequoia community at the end of the day. Offering more than just great locations and comfortable residences, each community is managed by a team of professionals dedicated to creating customer experiences that are consistently memorable and truly referral-worthy.