Quinault & Victory Village Portfolio | Concord, CA
• 286 Unit Multifamily Portfolio Comprised of Eighty-Five (85) Structures Boasting an Extraordinary Mix of (168) 2bd/1bth, (64) 3bd/2bth, (30) 4bd/2.5bth, and (24) 4bd/2bth Units
• Currently 100% Vacant - Undergoing Renovations & Lease-Up to Provide Stable Cash Flow During Future Development Planning
• All Units Being Renovated with Modern Amenities Including: In-Unit W/D Hookups, Covered Carport & Garage Parking, Private Backyards/Patios, Leasing Office, and a Massive 5,938 SF Community Center w/ Amenities. Community Amenities Include: Playground, Basketball Court, Walking Path, RV/Boat Storage, Additional Storage Facilities.
• Excellent Seller-Carry Financing Terms w/ Aggressive Rate and High LTV Available for Qualified Investors
• Unique Redevelopment Opportunity: See Possible Framework Plan on Page 50. For Higher Density, the City of Concord May Allow Up to 100 Units per Acre or Approximately 5,900 Units
• Future Ownership Can Take Advantage of California's Welfare Property Tax Exemption to Greatly Reduce Ad Valorem Property Tax Burden and seek City, County and State Funding Available for NOAH Conversions
• Quinault & Victory Villages are Surrounded by an Array of Popular Shopping Centers, Including: The Veranda, Willow Shopping Center, Downtown Pleasant Hill, Walnut Creek's Broadway Plaza, and Just Steps to North Concord BART Station!
• Approximately $13,000,000 for Full Rehabilitation and Electrification Including: Addition of HVAC, All Electric Appliances, New Underground Wiring, Rebuilt Transformers, Cosmetic Renovation, and Possible Off-Grid Solar Panel and Battery Installation for Additional Tax Credits
Property Overview
• The Pinza Group, Inc. is pleased to present Quinault & Victory Village, a one-of-a-kind multifamily portfolio located in Concord, CA. This unique asset is comprised of eighty-five (85) detached structures built in 1965 & 1989, set on a massive plot boasting 59+/- acres of land. The buildings feature an attractive unit mix of (168) 2bd/1bth, (64) 3bd/2bth, (30) 4bd/2.5bth, and (24) 4bd/2bth, including an onsite 2,635 SF leasing office and 5,938 SF community center! The portfolio is currently 100% vacant and undergoing unit renovations, to provide stable cash flow during the planning of future development. The property offers tremendous development potential via multiple phases of high density development and utilization of California's Transit-Oriented Development Program (TOD) to build 3,600-5,900 multifamily units on the 60 +/- acre site per TOD guidelines.
• Current ownership is in the process of making each unit move-in ready, featuring an array of amenities including: in-unit W/D hookups, private backyards & patios, 1:1 off-street carport & garage parking, and much more! Moreover, qualified buyers have the option to acquire the property with seller financing terms that will facilitate a smooth transition and stabilization of the existing units.
• Future ownership may take advantage of additional financial incentives including the California Welfare Property Tax Exemption to significantly reduce ad valorem tax assessments in conjunction with city, county & state funding for NOAH conversions, and SGIP and other full electrification incentives which may be eligible for $12,000+ per unit credits for the 286 existing units.
• The portfolio boasts a prime location surrounded by an array of popular shopping centers, including: The Veranda, Willow Shopping Center, Sunvalley Shopping Center, and Walnut Creek's Broadway Plaza. Conveniently positioned near downtown Pleasant Hill, Quinault & Victory Village offers ideal commute access via California State Route 4, Willow Pass Rd, and Concord BART less than two miles away.
Location Overview
• The site of Quinault & Victory Village and its immediate surroundings has been part of the City of Concord’s fabric since the 1960s. As part of the Concord Naval Weapons Station (CNWS), this housing community was built in the 1965 and 1989. The Coast Guard’s use of this site began in 2007, when the 26.4 acres of the CNWS that contained Quinault Villages were transferred to the US Coast Guard (USGC) and used until 2014. The serene neighborhood to the west contains single-family homes built in the 1960s, along with baseball fields and a scenic park.
• Concord is comfortably surrounded by gorgeous scenery, tree-covered mountains, and rolling hills. Accented with all of the color and local flair you’d expect from the Bay Area, this is a community with a Southwestern-style vibe. Whether you choose the stucco luxury of Cowell, the quaintly quiet neighborhoods of Four Corners, or the rolling hills of North Concord, you’re definitely in for a treat in this picturesque California city.
• Concord's average rent growth has grown 69% since 2013, and the median single-family home sale price has increased by more than 48% over the last 5 years, pushing more home buyers into the rental market. Moreover, Concord's median household income is $131,250.
PROPERTY FEATURES
NUMBER OF UNITS: 286
BUILDING SF: 326,104
LAND SF: 2,587,900
LAND ACRES: 59.41
YEAR BUILT: 1969 (Quinault Village) 1989 (Victory Village)
# OF PARCELS: 1
ZONING TYPE: Residential Income (General) (Multi-Family)
BUILDING CLASS: C
TOPOGRAPHY: Flat
LOCATION CLASS: B
NUMBER OF STORIES: 2
NUMBER OF BUILDINGS: 83 + 2 (Leasing Office & Community Center)
NUMBER OF PARKING SPACES: 572
PARKING RATIO: 2:1
LAUNDRY: W/D Hookups in Each Unit
MECHANICAL
HEATING: Natural Gas-Fired
UTILITIES
WATER: Tenant (RUBS)
TRASH: Tenant (RUBS)
GAS: Tenant (RUBS)
ELECTRIC: Tenant (RUBS)
PG&E METERING: One Meter
WATER METERS: Two Meters
CONSTRUCTION
FOUNDATION: Concrete Slab
FRAMING: Wood
EXTERIOR: Stucco
ROOF: Asphalt Shingle
STYLE: Garden Style
Feel free to contact us for more details!
The Pinza Group, Inc. (DRE: 01941229)
The Pinza Group (DRE: 01941229)