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CONCORD, CALIF. – The 48-unit Diablo Villas Apartments in Concord has sold to WaveCrest Capital Management for $8.8 million. The community is located at 4265 Clayton Road. It is fully occupied. The community will be rebranded as CityPlace Apartments. It was originally built in 1964. The seller, a local Bay Area lender affiliate, foreclosed on the property in late 2010. Acquisition financing was provided by American West Bank. WaveCrest was represented by Patrick Nash and Chris Sparacino of Bay Apartment Advisors.