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California  + Bay Area  + Apartments  | 

The Lakes Apartments in Concord Sell for $31 Million

Levin Johnston of Marcus and Millichap recently managed the $31.5 million sale of The Lakes Apartments, a 102-unit multifamily property in Concord, California, to a private investor.

The Lakes, which is located at 1818, 1819, 1850 Laguna St., had recently been renovated with updates in both the interior and exterior of the property, according to Adam Levin, executive managing director, and Robert Johnston, senior managing director of Levin Johnston. Concord is around 30 miles east of San Francisco.

“Select units have undergone a tremendous number of capital improvements and renovations, which include style modernization, high-end designer finishes, updated kitchens, new exterior paint, deck enclosures, and catwalk railings throughout the exteriors,” Levin said. “Ultimately, we were able to present the buyer with a rare opportunity to acquire a well-located, stabilized, turnkey multifamily asset that offers the potential for strategic upgrades to the remaining units to further drive strong ROI.”

Levin and Johnston represented the sellers and procured the buyer.

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