As Seen in GlobeSt.com

Seniors Complex Changes Hands
By Brian K. Miller
May 26, 2009

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.

CONTACT:
Arroyo & Coates Commercial Real Estate Services
Nathan Blair l Senior Associate l 415.273.2137