CONCORD — An investment group from Silicon Valley has bought a big apartment complex in Concord in a deal that produced a hefty profit for the sellers.
The Lakes, a 102-unit apartment complex in Concord, was bought in a deal that is a reminder that investors continue to scout for choice properties to buy despite the economic gloom cast by the coronavirus.
An Atherton-based family investment group headed by Michael Ruder and Barbara Ruder was the buyer of the apartments, which are located near downtown Concord and BART’s Concord Station. Palo Alto-based Levin Johnston, a division of Marcus & Millichap, a multifamily real estate brokerage firm, arranged the transaction.
Operating as 875 Woodside, the Ruder family group paid $26.8 million to buy the apartment complex. The buyers also obtained a $17.4 million loan from Homestreet Bank to help finance the purchase.
“The Lakes in Concord is a well-positioned asset for investors looking to achieve and sustain long-term wealth,” said Adam Levin, an executive managing director with Levin Johnston. “Concord’s convenient location, in addition to its comparatively low price point for the region, continues to attract renters employed throughout the Bay Area.”
The sellers bought the apartments in 2017, paying $21 million at that time, Contra Costa County property records show. That suggests a 36 percent jump in the value of the apartment complex in about three years.
“By understanding the impacts of the pandemic on the Bay Area market and investors, we were able to negotiate a price that made sense for both the buyer and the seller,” Levin said.
