MARTINEZ, Calif., – Jan. 14, 2019 Institutional Property Advisors (IPA), a division of Marcus & Millichap , announced today the sale of Hidden Creek Apartments, a 168-unit multifamily property in Martinez, California. The sales price is $47.5 million.
“Martinez is the county seat of Contra Costa County and is also proximate to other employment, retail and entertainment centers in Walnut Creek, Concord, Pleasant Hill and additional inner-ring San Francisco Bay Area cities,” said IPA senior director Salvatore Saglimbeni. “The immediate area surrounding Hidden Creek is highlighted by strong demographics, including a historical average annual household income of more than $120,000 within a one-mile radius.”
Salvatore Saglimbeni, Stanford Jones, IPA executive director, and Philip Saglimbeni, IPA senior director, represented the seller, Fairfield Hidden Creek LLC.
Built in 1985 on 5.4 acres in a quiet neighborhood setting, Hidden Creek Apartments is near California State Route 4, interstates 680 and 80 and the North Concord/Martinez Bay Area Rapid Transit (BART) station. The property’s one- and two-bedroom floor plans average approximately 793 square feet. The community includes a resort-style swimming pool with furnished sundeck, an updated fitness center, a business center and children’s playground.