CBRE Arranges Multifamily Sale for Affordable Housing Conversion
CBRE has facilitated the $23 million sale of The Post apartments to Novin Development Corporation (NDC), a sponsor of large multifamily development projects. The 71-unit apartment community purchase in Pleasant Hill CA was made possible through the Housing Health Fund created by Enterprise Community Investments, among others.
Keith Manson, Zachary Greenwood and Mac Watson of CBRE’s East Bay Multifamily team represented the seller, PTLA Real Estate Group. NDC secured an agreement from the City of Pleasant Hill to preserve The Post as naturally occurring workforce housing.
The community features a mix of one-, two- and three-bedroom units and amenities that include a pool, laundry room and off-street parking. The property has also undergone recent exterior renovations.
“The preservation of workforce level affordable units at or below 80% AMI is critical to solving the Bay Area’s housing crisis, and we are excited to play a small part,” said Iman Novin, President of NDC.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.