Arroyo & Coates Negotiates $13.5 Million Sale of Concord Apartment Community
May 3, 2006

CONCORD, CA – Arroyo & Coates announced today the sale of The Summit at Lime Ridge, a 120 unit apartment community in Concord, CA. KCM Concord LLC, in association with Klingbeil Capital Management and parent company Klingbeil Multifamily Fund VI, LLC, acquired the multifamily property for 13.5 million dollars from tenants in common Camino Park Associates, Virginia Breier, and the C & S Family Trust.

The Summit at Lime Ridge is located at 1070 San Miguel Rd, on the Northeast corner of San Miguel and Tioga roads, just minutes from the Concord BART Station. Built in 1974, The Summit at Lime Ridge has a mix of one bedroom apartment homes and two bedroom town homes, ranging in size from approximately 720 to 1,042 square feet. The community is comprised of 120 total units, split amongst nine buildings that surround an exterior, landscaped common area with a swimming pool and views of Mt. Diablo.

The transaction was brokered by Arroyo and Coates, with representation by Senior Sales Associates David Silver and Tim Scherer.