X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PITTSBURG, CA-Creekside Village Senior Apartments, an 88-unit age-restricted apartment community here has changed hands for $8.65 million, according to the sellers’ adviser, Arroyo & Coates.

Creekside Village is a five-building complex built in 2004 near the intersection of Buchanan Road and Kirker Pass Road (Ygnacio Valley Road) in the southwestern corner of Pittsburg near the communities of Clayton, Concord, and Walnut Creek. The property does not offer assisted living services and operates without rent or income restrictions.

Creekside offers one-bedroom and two-bedroom units with gas fireplaces and washers and dryers. Community amenities include a clubhouse and a heated swimming pool and spa.

The purchase price works out to $98,300 per unit and $132 per rentable square foot. Based on current annualized NOI of $529,562, the cap rate is 6.12%.

The seller was Creekside Senior Apartments LLC. The buyer was Lark Creek LLC. A&C brokers David Silver, Nathan Blair and Casey Davis listed the property and procured the buyer.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.