RICHMOND, CA-Prime Group Residential of San Francisco has acquired the 240-unit Summit at Hilltop apartment complex for $17.5 million in an all-cash, off-market deal in which due diligence was completed in 10 days. According to broker Brett Betzler of the Costa Mesa, CA office of Chicago-based Moran & Co., who brokered the deal along with Moran president Mary Ann King, Prime Group also waived contingencies on a $1 million deposit.
"They were prepared to close within three days, but it took a little bit longer due to the redemption of tax exempt bonds encumbering the property and the required approval of the sale by Richmond Redevelopment Agency,” Betzler tells GlobeSt.com. John Adair, principal of Prime Group Residential, says the company was attracted to the apartment project by its proximity to Interstate 80 and hilltop location with panoramic views. Prime Group Residential has acquired more than 2,600 California apartment units in the last two years and remains one of the most active multifamily investors in the state.
The Summit is situated on a 12.5-acre site at 3600 Sierra Ridge in the Hilltop area of Richmond. It was built in 1990, and includes nine garden-style residential buildings, as well as a leasing center, a clubhouse, a fitness center and a resort-style pool and spa area. The unit mix includes one- and two-bedroom apartments with one and two bedrooms, at an average unit size of 736 square feet.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
