Sale of apartment hub with hundreds of units near East Bay BART stop points to weakening market

"WALNUT CREEK An apartment complex with hundreds of units near the Walnut Creek BART station has been bought for less than its assessed value in a sign that values for multifamily residential properties are drifting lower. Waymark, a residential hub that was built in 2020, has been bought for $190 million, according to documents filed on Aug. 29 with the Contra Costa County Recorder's Office. Waymark, a 358-unit apartment complex at 101 Pringle Avenue near the BART station in downtown Walnut Creek."

"At the time of its purchase, Acacia Capital also obtained a $118.5 million loan from CBRE Multifamily Capital. That loan was then transferred to Fannie Mae, officially known as the Federal National Mortgage Association. The price Acacia Capital paid was 15.1% below the Waymark's most recently estimated value of $223.8 million, as calculated by the Contra Costa County Assessor's Office."

"Despite that, Waymark's price appears to be holding up better than several other apartments in Oakland recently. Several East Bay apartment properties have been involved in transactions that point to a weakening market for multifamily housing sites in Alameda County, although some housing hub purchases suggest that pockets of strength persist in both Alameda County and Contra Costa County. Trends in property values can affect revenue for an array of public agencies."

Waymark, a 358-unit apartment complex at 101 Pringle Avenue near the Walnut Creek BART station, sold for $190 million. The property was built in 2020. Acacia Capital, through an affiliate, acquired the complex and obtained a $118.5 million loan from CBRE Multifamily Capital that was later transferred to Fannie Mae. The purchase price was 15.1% below the Contra Costa County Assessor's most recent estimate of $223.8 million. Multiple East Bay transactions point to a weakening multifamily market in Alameda County, while some purchases show pockets of strength in Alameda and Contra Costa counties. Falling property values can reduce revenues for local public agencies.

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