35-Unit Concord Apartment Property Fetches $9M
CBRE arranged the sale of California Villas, a 35-unit multifamily community in Concord. 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,“ said Manson. “For the past 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.”
He added, “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 Ave. in Concord, California Villas includes 23 one-bedroom units and 12 two-bedroom units, all with air conditioning and private balconies or patios. The property was built in 1966, and nearly 70% of the units received significant interior upgrades under the seller’s ownership.
