December 4, 2017
JRK Property Holdings acquired Diamond Hillside, a 242-unit garden style apartment community in the East Bay community of Pittsburg, CA from the joint venture of McDowell Properties and Harbert Management Corporation in a transaction valued at $52.85 million. While the property was originally built in 1985, it has undergone significant physical improvements to both the exterior and the interior units in recent years.
Diamond Hillside sits on 10 acres along Highway 4 directly across from Los Medanos College, an 8,500-student community college. The property is located 29 miles east of Oakland, along BART.
At closing, 114 of the units were completely updated, improvements were also made to the pool and spa area, clubhouse, and fitness center. A new dog park, children’s playground and barbecue area were also added. JRK plans to spend an additional $1.5 million to finish interior upgrades and modernize common areas to complete the property’s revitalization
ARA/Newmark’s Mark Leary, Nate Oleson and Rob LeDoux represented both parties.
For comments, questions or concerns, please contact Dennis Kaiser