A joint venture of L.A.’s Vista Investment Group and Tokyu Land U.S. Corp. has acquired the Northridge Apartments, a 221-unit garden-style apartment community in Pleasant Hill, Calif., for $91 million.
This acquisition marks Vista and Tokyu’s first investment together. And it is Tokyu Land U.S. Corp.’s first acquisition in the Bay Area.
The seller was Equity Residential, which owned the 221-unit garden-style apartment community for more than 20 years.
“Renters who have been priced out of expensive markets like San Francisco and Oakland are migrating to the East Bay in search of more affordable alternatives,” said Jonathan Barach, Vista Investment Group president . “They are finding that Pleasant Hill has a great school system, a robust amenity base and rents at a considerable discount to neighboring cities Walnut Creek, Lafayette and Orinda.”
