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Somerset Seniors Apartments Sell

A Senior Deal in Antioch
By Sarah Stockon
December 17, 2002 | 7:33 P.M.

A Northern California investment group purchased Somerset Seniors Apartments for a confirmed $10.3 million, or $66,026 per unit, with a 7.5 percent cap rate. The 156-unit apartment complex is located at 3185 Contra Loma Blvd. in Antioch, CA, and consists of 132 one-bedroom and 24 two-bedroom units. Constructed in 1991, the 99,360-square-foot complex offers a swimming pool and spa, community center, bar and lounge with TV, game/pool tables, exercise equipment, steam room and sauna. Kevin Turner with Marcus & Millichap in San Francisco represented the buyer. George Inskeep with Marcus & Millichap in San Francisco and Rick Ringer and David Kaufman with Marcus & Millichap in Los Angeles represented the seller, an institutional investor from Boston.

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