May 7, 2020
The Lakes, a three-story, 102-unit garden-style multifamily asset in Concord, CA, sold for $26.8 million. The three-building complex was constructed between 1967 and 1968 on 3.6 acres in Concord’s Ellis Lake neighborhood.
Marcus & Millichap’s Adam Levin and Robert Johnston represented the seller, an unnamed real estate investment company, and procured the buyer, an undisclosed prominent Bay Area family trust.
Levin says, “The Lakes is a value-add, transit-oriented community in one of the East Bay’s most undervalued cities. As renters seek pricing relief from the high cost of housing in San Francisco, the Peninsula, Oakland, Berkeley, Walnut Creek and Lafayette, rental demand in commuter suburbs like Concord will stay on its upward trajectory and the area will continue to be a source of high-yield opportunities and strong value appreciation for investors.”
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