NAPA, VALLEJO, HERCULES, ANTIOCH, DUBLIN AND HAYWARD, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of a seven-property multifamily portfolio located in the Bay Area. San Francisco-based Reliant Group Management purchased the portfolio from an undisclosed private company for $116 million.
Totaling 478,345 square feet, the portfolio features 603 apartments. The buyer plans to convert four of the properties, totaling 369 units, to affordable housing with the use of bonds and low-income housing tax credits. Three of the property (234 units) will continue to be maintained as workforce housing. Additionally, the buyer plans to renovate all apartments, investing approximately $40,000 per unit.
Richard Knutson, Anthony Pappageorge, Zach LeBeouf, Will Thomas and Kathy Knutson of NKF represented the seller in the transaction.