Institutional Property Advisors Closes 97-Unit Luxury Multifamily Sale in Walnut Creek California
WALNUT CREEK, Calif., June 10, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Rise Walnut Creek, a 97-unit multifamily property with 8,000 rentable square feet of retail space in Walnut Creek, California.
“Walnut Creek’s suburban setting and lifestyle amenities make it one of the San Francisco Bay Area’s most sought-after cities,” said Alex Tartaglia, IPA senior director. “The Rise Walnut Creek provides residents with an appealing, more affordable housing option versus homeownership in a city where the median home price is more than $1.4 million.” Tartaglia, Stanford Jones, Philip Saglimbeni, and Salvatore Saglimbeni represented the seller, Rescore, and procured the buyer, Hines.
The property is located in the heart of Walnut Creek’s vibrant downtown, within walking distance of hundreds of restaurants, retailers, entertainment venues, and the Walnut Creek Bay Area Rapid Transit station. Interstate 680 and State Route 24 provide residents with access to job centers in San Francisco, Oakland, and the San Ramon-Dublin-Pleasanton-Livermore area. Employers nearby include Kaiser Permanente, Covia, John Muir Medical Center and California State Automobile Association Insurance.
Completed in 2023, units at The Rise Walnut Creek have washers and dryers, white oak wide plank flooring, stainless-steel appliances, and large windows. Community amenities include a landscaped roof deck, fitness center, walk-in storage lockers, and a subterranean parking garage with electric vehicle charging stations.
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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.