66-Unit El Sobrante Property Sells for $12.9MM
Lakeview Land Partners, LLC. a multi-family housing investment company led by Chris Curtis and Joel Kelly announces the purchase of 2 apartment communities in El Sobrante, CA totalling 66 units. The Courtyard Villas (30 units) located at 4350 San Pablo Dam Road and The Casa Del Sol (36 units) located at 5017-5019 San Pablo Dam Road were purchased simultaneously, however from different ownerships.
The Courtyard Villas is a well maintained and turnkey property with in-place rents which are approximately 10-15% below market prices. The Casa Del Sol is a value add opportunity where will begin a large scale renovation to upgrade the landscaping, building exteriors and interiors of the units. The Casa Del Sol has in-place rents which are currently about 20% below market currently which creates a great opportunity to improve the property and the cash flow of the investment.
Lakeview Land Partners, LLC. has several other similar properties in The East Bay and feels that the lack of housing and high rents in San Francisco, Oakland, and Berkeley strongly benefit investments in communities like El Sobrante which has great proximity to major transportation hubs. These properties provide good work force housing while maintaining affordable rents.
The combined property purchase price is $12,885,000 or $195,227 per unit and current cap rate of 5.7%. Matthew Ziegler and David Wolfe of Marcus & Millichap represented both selling entities, as well as the Buyers. Bay Apartment Advisors will professionally manage the properties.