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California  + Bay Area  + Apartments  | 
CBRE arranged the sale of two multifamily communities in Concord, CA to nonprofit Eden Housing, which will convert the portfolio to affordable housing

Concord Portfolio Sells for Affordable Housing Conversion

CBRE arranged a sale of two multifamily communities in Concord, Sunset Pines and Coral Court Apartments, for $37.25 million. Nonprofit Eden Housing purchased the market-rate, 116-unit portfolio and will convert it to affordable housing.

Keith Manson, Zachary Greenwood and Mac Watson of CBRE’s East Bay multifamily team represented the undisclosed seller in a Naturally Occurring Affordable Housing (NOAH) transaction.

“Concord is well-positioned to have strong rent growth,” said Manson. “This transaction was one of the top sales per unit among Concord apartment buildings over 20 units that were built before 2000. Given the limited amount of housing in the Bay Area, this transaction is critical to providing affordable rents for decades to come.”

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CBRE's Manson

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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