NEWS

Teamwork Makes the Dream Work in Concord Multifamily Sale

The exterior of 1091 Mi Casa Court, a multifamily apartment building in Concord, CA.

NAI NorCal teams double-ended the sale of a rare late-vintage 15-unit multifamily building in Concord.

Teamwork makes the dream work—NAI NorCal teams represented both the buyer and seller of this 15-unit multifamily building in Concord! Berger Mandel Associates was the listing team for 1091 Mi Casa Court, and the Monjid Aldiyyat Team represented the buyer. One of only a handful of small late-vintage multifamily properties located throughout central Contra Costa, the well-maintained apartment building offers rental upside and features outdoor space for each unit; in-unit laundry hookups and coin-operated laundry on-site; and remote-access covered parking. It has easy access to Concord BART and I-680.

The property entered escrow before the COVID-19 shelter-in-place period and was a complicated transaction; lending requirements changed multiple times, and price negotiations went back and forth a few times before an agreement was reached. 

Berger Mandel Associates (Ethan Berger, Benjamin Mandel, Garrett Blair, and Cole Byrd) had earlier represented the seller in the initial purchase of the property in 2008, and with the sale of the property, helped him to realize a 282% return on his initial investment, not including income generated by the property. This equates to 23.5% appreciation per annum for the 12 years of ownership! 

The Monjid Aldiyyat Team (Monjid Aldiyyat, Matthew Rulloda, Eric Keena, Alex Barreiro, and Manuel Sleem) was able to assist the buyer with procuring a down payment through refinancing some of their residential properties, and the buyer secured financing at a 3.5% interest rate. The transaction significantly increased the number of units and cash flow to the buyer’s real estate portfolio.