CBRE Arranges $37.25 Million Sale of 116 Unit Multifamily Portfolio in Concord; Apartments to be Converted to Affordable Housing

CBRE arranged a sale of two multifamily communities in Concord, Calif., Sunset Pines and Coral Court Apartments, for $37.25 million. Eden Housing, a non-profit organization that provides affordable housing, purchased the market-rate portfolio and will convert it to affordable housing.

Keith Manson, Zachary Greenwood and Mac Watson of CBRE’s Multifamily Team in the East Bay represented the seller in a Naturally Occurring Affordable Housing (NOAH) transaction.

“Today’s challenging market with high interest rates and macroeconomic headwinds have slowed multifamily sales activity across the Bay Area, but our team was able to find a creative solution that was a win for all parties involved,” said Keith Manson, Senior Vice President at CBRE.

Mr. Manson, continued “Concord is well-positioned to have strong rent growth. This transaction was one of the top sales per unit among Concord apartment buildings over 20 units that were built before 2000. Given the limited amount of housing in the Bay Area, this transaction is critical to providing affordable rents for decades to come.”

The two properties have 116 units in total:

• Sunset Pines Apartments is located at 1770 Adelaide St in Concord and has 69 units. Amenities include a community pool and clubhouse.
• Coral Court Apartments is located at 1491 Detroit Ave in Concord, with 47 units and a community fitness center.

The project met local affordable housing requirements and was granted just over $6 million in equity from the City of Concord, which Eden Housing used to help finance the transaction.