ANTIOCH – December 2014 – NAI Northern California announced the sale of a multifamily apartment complex in Antioch, CA. This is the largest multifamily transaction in Antioch for 2014, both for number of units and for total dollar amount.
The Buyer in the transaction was represented by Ethan Berger of NAI Northern California, which was never publicly advertised. Berger became aware of the opportunity through direct contact with the Owner, who had owned the property for 25 years. The subject property was comprised of 80%+ 2 bedroom units and offered the potential for the new Owners to acquire a property with a significant amount of units at a low gross rent multiplier and to re-position the property to achieve significant upside.
NAI’s President James Kilpatrick added, “This is a good example of a continued trend we’re seeing where deliverable multifamily assets with upside potential in secondary markets are seeing increasingly competitive Buyer demand. Even local specialists such as Ethan Berger require aggressive legwork to be able to secure these investments for our clients. A large part of this is how many investors are chasing relatively attractive yields while rates remain low.”
Ethan began his career in 2009 as a member of the Contra Costa & Solano multifamily brokerage team at NAI representing buyers and sellers of multifamily properties. He hasgained a reputation of reliability and distinction after selling a number of buildings for record prices while delivering attentive service to his clients. Since joining NAI, Berger has been involved in a number of record-setting transactions in cities throughout Contra Costa and Solano Counties. His reputation as a dedicated, aggressive, and client-centric sales professional is evident in his successes and the relationships he has forged.
About NAI Northern California
Named a Top Commercial Real Estate Brokerage Firm by the East Bay and San Francisco Business Times, NAI Northern California prides itself on its accomplishments, culture and growth. With three offices in the Northern California Bay Area and 385 worldwide, NAI Global is the largest managed network in the world.