Richmond, Calif. – Prime Group Residential has purchased the 240-unit Summit at Hilltop in Richmond, CA for $17.5 million. Brett Betzler, a broker with Moran & Company, and Mary Ann King, president of Moran & Company, represented the buyer in the transaction. The sale closed on July 14, 2010.

Betzler noted that, “Prime Group Residential completed due diligence in just ten business days, and then waived contingencies on a $1 million deposit. They were prepared to close within three days, but it took a little bit longer due to the redemption of tax exempt bonds encumbering the property and the required approval of the sale by Richmond Redevelopment Agency.”

According to John Adair, principal of Prime Group Residential, “The Summit is a great addition to our portfolio. We were especially attracted by its proximity to Interstate 80 and tranquil hilltop location with panoramic views. Prime Group Residential has purchased more than 2,600 California apartment units in the last two years and remains one of the most active multifamily investors in the state.”

The Summit is situated on a 12.5-acre site in the Hilltop area of Richmond. It was built in 1990, and includes nine garden style residential buildings, as well as a leasing center, a large clubhouse, a fitness center, and a resort-style pool and spa area. The average unit size is 736 sq. ft. Most of the apartments include a washer/dryer set, a large patio or balcony, and a gas fireplace.

Moran & Company is a boutique multifamily brokerage firm with offices in Irvine, Seattle, Denver, Dallas, Chicago, and Washington D.C. Their website is www.moranandco.com. For questions about this transaction or other acquisition opportunities in California, please contact Brett Betzler at 949-242-4050.

Prime Group Residential is a private business that owns and operates multifamily rental communities. Its current portfolio contains more than 21,000 units across six states. Its website is www.primeapts.com. For questions about this transaction or more information about Prime Group Residential, please contact John Adair at 415-986-2415.

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