WALNUT CREEK — A Walnut Creek apartment complex with hundreds of units has been bought by an East Coast real estate firm in a deal that points to sturdy prices for multifamily residential properties in the Contra Costa County city.
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This deal marks the second time within the last two months that a large and relatively new apartment complex in Walnut Creek was bought at a price that was well over $150 million.
In late August, Waymark, a 358-unit apartment complex at 101 Pringle Ave. in downtown Walnut Creek, was bought for $190 million, county real estate records show.
In both instances, the seller was the real estate firm that developed the apartment complex.
These two deals and another involving a recently constructed apartment complex in Walnut Creek suggest prices for these kinds of properties are robust.
Here are some details of the recent deals:
• Hanover Walnut Creek, the latest large apartment complex to be bought in Walnut Creek, fetched a price of $571,900 a unit.
• Waymark was purchased for $530,700 a unit.
• The Rise, a 97-unit apartment property at 1380 North California Blvd. in Walnut Creek, was bought in May 2024 for $57 million. This price works out to roughly $587,600 a unit.
As for the just-completed deal involving Hanover Walnut Creek, the new owner, TA Realty, has been in business since 1982.
Boston-based TA Realty owns diverse categories of real estate assets, including apartments, industrial sites, retail properties, offices and data centers.
“TA Realty invests in high-quality real estate assets diversified across sectors,” the company states on its website.
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