Concord Apartments Trade at Record Price
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The 40-unit Modera Apartments were just sold for $7.3M, or $183,750 per unit, which CBRE VP Keith Manson, who repped both sides, says is one of the highest prices per unit in Concord history for renovated '60s product. The cap rate was 5%. The seller was Graham Chernoff of Cumberland Holdings, and the buyers were local investors in a 1031 exchange. Despite the price per unit, Keith says the cap rate was favorable to the buyer because of efficient management and clean unit layouts, making it easy to capture market rents. The newly renovated, turnkey community originally built in 1969 features one- and two-bedroom units with an on-site laundry facility, oversized balconies and patios, as well as a swimming pool/barbecue area.