WALNUT CREEK, CA - CBRE arranged the sale of California Villas, a 35-unit multifamily community in Concord, Calif. A private buyer purchased from a local private investor for $9.15 million.
CBRE’s Keith Manson, Zachary Greenwood and Mac Watson represented the seller.
“Multifamily properties of this size rarely become available in the I-680/CA-24 corridor. For the last two years, only seven multifamily communities built before 2000, with 30-100 units, have traded in the I-680/CA-24 corridor and we’ve been fortunate to have sold four of those,” said Mr. Manson, senior vice president at CBRE. “The property’s recent upgrades, proximity to major highways and retail amenities were a huge value-add as more buyers seek stable opportunities in today’s economic environment.”
Located at 1621 Detroit Avenue in Concord, California Villas has 23 one-bedroom units and 12 two-bedroom units, all of which have air conditioning with private balconies or patios. The property was built in 1966, totaling 24,958 sq. ft. on 0.91 acres. Amenities include a community pool, coin-operated laundry and gated security access.
Nearly 70% of the units received significant interior upgrades including new cabinets, vinyl plank flooring, granite countertops and stainless steel appliances. Recent exterior improvements include repair/replacement of all balconies, rebuilt patios, new paint/light fixtures and a renovated parking area.
California Villas is a five-minute drive from retail amenities including The Veranda, Willow Shopping Center and Sun Valley Shopping Center and a 15-minute drive from Walnut Creek’s Broadway Plaza.
The average U.S. monthly mortgage payment for a newly purchased home surpasses apartment rents by 38%, according to CBRE Research. San Francisco Bay Area’s premium for a new home mortgage is currently 2.6x more than pre-pandemic levels, the fourth highest of major U.S. markets.
CBRE estimates a shortage of 3.8 million housing units in the U.S., primarily in single-family homes and smaller multi-unit dwellings. Single-family homes and smaller multi-unit dwellings account for approximately 90% of the overall shortage, which is expected to persist until at least 2029.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.