A joint venture of L.A.’s Vista Investment Group and Tokyu Land US Corporation has acquired the Northridge Apartments, a 221-unit garden-style apartment community in Pleasant Hill, CA, for $91 million. This acquistion marks Vista and Tokyu’s first investment together.

The seller, Equity Residential, was represented by Marcus & Millichap’s Institutional Property Advisors, with that team including Stanford Jones, Salvatore Saglimbeni, Philip Saglimbeni and Alex Tartaglia.

Built in 1974 and owned by the seller for 20 years, the complex is located at 235 Camelback Rd. and features 16 low-rise residential buildings on a 6.63-acre site.

According to Vista’s President Jonathan Barach, “Renters who have been priced out of expensive markets like San Francisco and Oakland are migrating to the East Bay in search of more affordable alternatives.”

Tokyu’s president, Nobuhide Kashiwagi, added, “This acquisition fits well within our value-add investment strategy, and marks our first acquisition in the Bay Area.”

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