Buyers pay $100 million-plus for East Bay apartments

"Separate investors have paid well over $100 million to scoop up apartment complexes in Concord and Walnut Creek in deals where each were bought for less than their assessed value, according to documents on file at the Contra Costa County Recorder's Office. The 78-unit Atrium Downtown at 1812 Trinity Ave. in Walnut Creek was bought by a Fresno-based group led by Siegfried Fischer, chief executive officer of the publisher of the Valley Yellow Pages, for $31 million, documents filed on Aug. 20 show."

"On July 30, Abacus Capital Group, acting through an affiliate, paid $98.3 million for the 259-unit Park Central Apartment complex at 1555 Galindo St. in Concord, according to county records filed on July 30. The downtown Walnut Creek complex was bought for 3.4% less than its most recently disclosed assessed value of $32.1 million and the Concord purchase was 24.7% below its assessed value of $130.5 million."

Investors paid more than $100 million for two apartment complexes in Contra Costa County, both purchased below their assessed values. A Fresno-based group led by Siegfried Fischer bought the 78-unit Atrium Downtown at 1812 Trinity Ave., Walnut Creek, for $31 million; county records were filed Aug. 20. Abacus Capital Group, through an affiliate, paid $98.3 million for the 259-unit Park Central at 1555 Galindo St., Concord; records were filed July 30. The Walnut Creek sale was 3.4% below a $32.1 million assessment and the Concord deal was 24.7% below a $130.5 million assessment. Per-unit prices were $397,400 for Atrium Downtown and $379,500 for Park Central, lower than a recent $587,600-per-unit sale of The Rise.

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