Palm Court Apartments

Highlights

• Rare Unit Mix – The property consists 40% large 3-bedroom 2-bath units and 60% 2-bathroom 1-bath units ideal for a workforce housing-oriented market.
• Significant Value Add Potential – Renovated and recently turned units have rented on at a premium of more than $535 and $640 over the average rent for the non-updated 2-bedroom 3-bedroom units.
• Recent Property Improvements – 2 units have just undergone a full update. The units were stripped down to the studs, insulated, new drywall, new sub panel, recessed LED lighting, new appliances, kitchen and bathroom cabinetry, new bathroom fixtures, vinyl plank flooring throughout. Additionally the pool is newly replastered and a new pool pump was installed.
• Strong market fundamentals – The Concord submarket has had a cumulative rent growth of 41.05% and a cumulative price growth of 92.33% over the past 10 years. Vacancy rates are among the lowest in the East Bay region and there is very limited supply of new rental units with only 228 units delivered to the market in the past 5 years and a total of 137 units currently under construction.
• Well located – The property is located just over 1 mile from downtown Concord and Concord BART giving tenants convenient access to a variety of employment, shopping, dining, entertainment and commuting options. The property is also located directly across from the proposed $1 Billion dollar redevelopment of the Concord Naval Weapons station which will take place over the next decade.

Description

Berger & Associates of NAI Northern California is proud to have been selected as the exclusive representative of the Palm Court apartments, a 20-unit apartment community located at 3412 Willow Pass Road, Concord, CA 94519. Built in 1965 the property consists of 4 buildings totaling 19,396 square feet on a lot of 32,700 (.75 acres).
The property features a rare unit mix of eight 3-bedroom 2-bathroom and twelve 2-bedroom 1-bathroom units. Each unit is equipped with wall AC, gas wall furnace, refrigerator, freezer, electric oven/range, dishwasher, dual pane vinyl windows, exterior patio or balcony, and is individually metered for both gas and electricity. The property amenities include a pool, onsite digital laundry room, management office, 20 covered and 9 open parking spaces.
The Palm Court is an ideal project for investors with a value-add strategy. Updated and turned 2-bedroom and 3-bedroom units, previously leased at the property, rent at premium of more than $535 and $640 respectively over the average for the non-renovated or turned units. Currently only 30% of the units have been turned or updated offering investors the opportunity to dramatically increase revenues and increase property value by continuing a property improvement program.

The Palm Court fronts Willow Pass Road, one of the main throughfare’s in the City of Concord, and is just over a mile from downtown and the Concord BART station and is also directly across from the proposed Billion-dollar redevelopment of the Concord Naval Weapons Station.
The Concord rental market has been one of the best preforming rental markets in the Bay Area over the past decade given its central Bay Area location and relative affordability when compared to surrounding cities. More recently the Concord rental market has benefited from a broader trend of renters migrating away from dense urban centers to more affordable suburban rental markets. Limited supply of new inventory and very few new projects in the pipeline will help to keep market fundamentals strong.
The city of Concord draws visitors and residents alike with a wide range of amenities including a vibrant and diverse dining scene, wide array of shopping choices and entertainment options. Todos Santos Plaza serves as the focal point of the city and is home to holiday celebrations, community events, outdoor concerts, and a weekly farmer’s market. Surrounding the Plaza is one of the Bay Area’s newest culinary destinations featuring restaurants offering a wide spectrum of cuisine options, bars and breweries. Tenants of the Palm Court also enjoys convenient access to 3 major shopping centers including the Sun Valley Mall, The Veranda and Willow Pass shopping center.