(Read more on the multifamily market.)
PITTSBURG, CA-The 148-unit Loveridge Terrace Apartments complex here has changed hands for $18.2 million, according to the brokerage firm in the deal, Arroyo & Coates. San Francisco-based Oakmont Properties III LP sold the asset to Aspen Residential LLC, a national multifamily investment firm based in Seattle.
Built in 1986 near the intersection of Leland Road and Loveridge Road in Pittsburg, 32 miles northeast of Oakland, Loveridge Terrace has 11 buildings housing one-, two- and three-bedroom units that average approximately 800 sf. Unit amenities include washer and dryer connections.
Aspen Residential, a value-add investor that has acquired 2,000 units since its inception in late 2006, plans a major rehabilitation of the property. The company is run by Brian Ward, managing principal of Aspen Residential and its affiliate Big Rock Partners LLC.
David Silver and Nathan Blair of Arroyo & Coates represented Oakmont in the transaction. Aspen Residential acted on its own behalf.
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