Bay Area Multi-Family Complex Changes Hands
- Jun 17, 2011
June 16, 2011
By Allison Landa, News Editor
Bella Vista at Hilltop, a 1,008-unit multi-family property located in Richmond, Calif., has been sold to Kennedy Wilson. The seller was GMH Capital Partners. The sale price was not disclosed.
GMH was represented by David Forrest and Randall Calvert of GMH Capital Partners Commercial Realty Services L.P., with additional representation by the Jones-Saglimbeni Group of IPA.
While the property was marketed in 2008, no sale closed because of the recession’s impact on the capital markets, according to Stan Jones, who helped provide representation to the seller. Jones asserted that the closing signifies overall improvement in market conditions, particularly in the San Francisco Bay Area multi-family sector.
Located at 3400 Richmond Parkway, the 893,856-square-foot complex sits 20 miles from San Francisco and 15 miles from Oakland. Built in 1988, it consists of 42 buildings on approximately 50 acres, with 48 percent one-bedroom units and 52 percent two-bedroom units.