Northern California Multifamily Sale Completed by Institutional Property Advisors
ANTIOCH, Calif., April 29, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Mira Vista Hills, a 280-unit apartment community in Antioch, California. IPA’s Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni, and Alex Tartaglia represented the seller, Reliant Group. The buyer is Catalyst Housing Group in partnership with California Community Housing Agency (CalCHA).
“Located on 12 acres, Mira Vista Hills provides renters with a well-amenitized, low-density garden-style setting near public transit, retail and key East Bay job centers,” commented IPA executive director Salvatore Saglimbeni. “The property will be converted to middle-income housing, resulting in an affordable alternative for area residents.”
There are major employment hubs near Antioch in Concord, Walnut Creek, the Tri-Valley Area, Oakland and San Francisco. Two equidistant Bay Area Rapid Transit light rail stations connect residents of Mira Vista Hills to the greater East Bay, San Francisco, and the San Francisco Peninsula. California Highway 4, which provides access to Interstates 80, 680, and 5, is a short drive from the property. Built in 1986, the community includes two pools, a fitness center, a clubhouse, and a mix of one- and two-bedroom floor plans.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About O’Connor Capital Partners
O’Connor Capital Partners is a family owned real estate private equity and development firm with over $6.5 billion in assets under management including over 30 million feet of retail, office, and industrial space and over 15,000 apartments. The company is based in New York City with regional offices in Palm Beach, FL and Mexico City.