CBRE recently arranged a sale of two multifamily communities in Concord, Sunset Pines and Coral Court Apartments, for $37.25 million to nonprofit Eden Housing. The market-rate portfolio consists of 116 units and will be converted into affordable housing.
Keith Manson, Zachary Greenwood and Mac Watson from CBRE’s East Bay multifamily team represented the undisclosed seller in a Naturally Occurring Affordable Housing (NOAH) transaction.
Manson commented on the deal: “Concord is well-positioned to have strong rent growth; this transaction was one of the top sales per unit among Concord apartment buildings over 20 units that were built before 2000.” He added “Given the limited amount of housing in the Bay Area, this transaction is critical to providing affordable rents for decades to come.”
