Cumberland Holdings announced the acquisition of Modera Apartments in downtown Concord, California on December 28, 2011.
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Modera is walking distance to BART, 2.7 million square feet of office space, and several retail and entertainment amenities. The property is a 40 unit secured building with one and two bedrooms built in 1970. Amenities include a pool, laundry facilities, and covered parking.
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The property was capitalized with private equity and a mortgage of $2,700,000 arranged by HFF and Capital Source.
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The property, previously known as Casa Linda, was renamed Modera Apartments with a comprehensive re-branding strategy focused on internet marketing. Enhancements included: new landscaping, exterior building upgrades, signage, renovation of the leasing office, and unit upgrades.
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In March 2015, Modera Apartments was sold for $7.35M. Modera's strong location and strategic value add plan generated significant rent growth from $945/unit to $1415/unit. Over the 39 month ownership period, Cumberland's investors received a 211% return resulting in a 30% IRR.