Redwood City, Calif. (May 11, 2017) - Coco Palms and The Orient Apartments, two low-rise, garden communities with 125 units combined, have sold for $12.2 million. Kidder Mathews commercial real estate broker, Matthew Clark, represented both the seller, Almanara Investments, a California investment company, and the buyer, Riaz Capital, a multifamily investment and management company, in the transaction.
Coco Palms and The Orient communities are located at 307 and 319 E Tabor Avenue in Fairfield, California, close to highways, shopping malls, and new single-family housing developments. The Fairfield population has seen tremendous growth in the last few years and with this growth, an increased demand for housing. Riaz Capital plans to renovate and upgrade the property to take advantage of the strong apartment market in Fairfield.
"Rents continue to rise around 9.1% year-over-year in the workforce housing supply within Fairfield," said Clark. "With limited new product being added to the market, existing rental properties present a great opportunity for owners to execute both interior and exterior upgrades," he said.
"We were fortunate to have the opportunity to continue to diversify our portfolio by entering the Solano market. We were grateful to have worked with such a reasonable and cooperative seller, which led to a seamless transaction," said Paul DiCarlo, Principal at Riaz Capital. "This investment represents a strategic opportunity to our investors. We believe we can add significant value to the building by uniformly upgrading unit interiors, as well as adding common area amenities, to create a vibrant and updated community for our residents," he said.
About Riaz Capital
Riaz Capital, founded by Riaz Taplin, is a real estate investment and development firm that includes property management, development, and asset management services. Riaz Capital owns and operates 900 units in the Bay Area in addition to 350+ units in various stages of entitlements totaling over $100 million in assets under management.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with nearly 700 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $5.6 billion in transactions, manages over 45 million square feet of space, and conducts 1,300 appraisals annually. For more information, visit kiddermathews.com.