September 21, 2016
WALNUT CREEK, calif. – Transwestern today announces it brokered the sale of a 10-unit, two-building apartment complex located at 4324 Railroad Ave. in Pleasanton, California. A private investor group purchased the property for $3.27 million, or $327,500 per unit. Transwestern Vice President David Weglarz represented the seller, a local private partnership, in the transaction.
“This property provided the buyer a rare opportunity to own a multifamily asset in downtown Pleasanton,” said Weglarz. “The excellent condition of the property coupled with its location resulted in very strong sales price for the seller.”
The property is situated on over one-third of an acre between First and Main streets in downtown Pleasanton with access to a wide variety of shops, restaurants, services and parks. Each apartment averages just under 700 square feet and has two bedrooms, one bathroom and either a private yard or balcony. The complex also has a laundry room and parking on-site. Rents averaged $1,850 per month at the time of sale. The two buildings were built in 1986 and had a series of capital improvements in previous years including updates to the windows, roof and paint and new air conditioners.
Robert Johnston, vice president at Marcus & Millichap, represented the buyer.
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