CONCORD, CA-Dallas-based Behringer Harvard has acquired the 132-unit Renaissance apartment complex at 1825 Galindo St. and an adjacent 2.7-acre land parcel from from Pleasanton, CA-based Signature Properties for $47.65 million in a deal brokered by ARA’s San Francisco office. Behringer Harvard did not disclose the seller or the price in its announcement of the acquisition, but principal John McCulloch of ARA’s San Francisco office, who represented the seller along with principal Curtis Gardner of the company's San Francisco office, confirms to GlobeSt.com that the property sold for $47.65 million. “This was a very competitive bidding process,” McCulloch tells GlobeSt.com.
Behringer Harvard acquired the asset via its Behringer Harvard Multifamily REIT I Inc., a non-traded REIT. It made the investment through a joint venture with PGGM Private Real Estate Fund, an investment vehicle for Dutch pension funds. The REIT notes that the adjacent 2.7-acre land parcel is slated for future development.
The Renaissance was built to condominium standards and was envisioned as “part of the revitalization of downtown Concord,” according to an article in the Contra Costa Times in 2007. City officials said the project would be a key element in the transformation of Concord’s central core, according to the article.
Mark T. Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I, described the property as “the newest and best-appointed rental property in the affluent area of Concord, and its homes offer about one-third more living space than most competitive properties in the submarket.” Alfieri also cited the project’s location near major traffic arteries and public transit.
The Renaissance was constructed in 2008. Its units average 1,179 square feet and feature up to three bedrooms. Common-area amenities include a resort-style pool with spa and sundeck, a fitness center, a social lounge with fireplace and fully equipped kitchen, a barbecue area and a business center.
The complex is within walking distance of the Bank of America campus and other businesses at the one-million-square-foot Concord Tech office park. It’s also near Todos Santos Plaza, a downtown park and town center that occupies an entire city block and features a farmers market and events such as free summer concerts.
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