Joseph Sherman And John Caskie Collet Acquire Pittsburg Multifamily Asset For $90 Million

The property involved in this transaction is a multifamily asset located at 2131 Crestview Lane, Pittsburg. The sale price was $90,000,000 for 173 units, resulting in a price per unit of $520,231. The acquisition includes planned renovations and rehabilitation, totaling $23.1 million, and is supported by California Housing Finance Agency financing of $11 million aimed at preserving affordability for 171 units for 55 years.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $90,000,000
• Buyer: Joseph Sherman & John Caskie Collet - The Reliant Group
• Seller: James Busby & Irwin Deutscher
• Lender: California Housing Finance Agency (CalHFA)
• Units: 173
• Price Per Unit: $520,231
• Renovations Planned: $23.1 million
• Affordability Preservation: 171 units for 55 years

The deal was facilitated by Joseph Sherman and John Caskie Collet of The Reliant Group, representing the buyers. The sellers, James Busby and Irwin Deutscher, concluded the transaction through their representation. The financing provided by the California Housing Finance Agency played a significant role in supporting this multifamily acquisition.