Three-Property Multifamily Portfolio Sold by Institutional Property Advisors
WALNUT CREEK, CA., May 28, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of three boutique, value-add apartment properties totaling 150 units in Walnut Creek, California. The portfolio sold for a combined sales price of $55.6 million, representing an average price of approximately $371,000 per unit. The properties included are The Pines, 120 units; City View, 20 units; and 1465 Mt. Pisgah, 10 units.
IPA’s Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Alex Tartaglia, along with Marcus & Millichap’s Carlos Azucena handled the brokerage assignment on behalf of the seller. The Pines and City View were acquired by Raintree Partners. A private investor purchased 1465 Mt. Pisgah.
“Walnut Creek represents one of the most highly sought-after cities in the Bay Area, given its desirable mix of lifestyle amenities including a vibrant downtown district, well-regarded schools, transit-orientation, and proximity to major employment centers,” said Philip Saglimbeni, IPA senior director. “Despite boasting an average household income of over $140,000, city residents face high barriers to homeownership, creating favorable conditions for apartment owners.”
All three properties are located within walking distance of Downtown Walnut Creek, one of the premier shopping and dining destinations in the East Bay. With over 4.9 million square feet of office space, the city’s downtown district is home to hundreds of professional services, technology, and healthcare companies. The Walnut Creek Bay Area Rapid Transit (BART) station, also located downtown, provides convenient commutes to Oakland and San Francisco. Nearby Interstate 680 provides convenient access to major employers located in the Tri-Valley area.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.