"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. Acacia Capital, a San Mateo-based real estate investment firm that acted through an affiliate, is the new owner of the Waymak apartment complex, which is located at 101 Pringle Ave. in Walnut Creek, the county records show."
"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. If real estate values droop in a region, the decline could choke a crucial revenue stream for cities, counties, regional agencies and school districts. An alliance of real estate firms Blake Griggs Properties and Transit Village Associates originally developed Waymark and sold the apartment complex to the Acadia firm."
The Waymark apartment complex in Walnut Creek sold for $190 million to Acacia Capital, with documents filed Aug. 29. Acacia obtained a $118.5 million loan from CBRE Multifamily Capital that was later transferred to Fannie Mae. The sale price was 15.1% below the Contra Costa County Assessor's most recent estimate of $223.8 million. Waymark was developed in 2020 as part of a transit-oriented village next to the Walnut Creek BART station. Recent East Bay transactions point to weakening multifamily market values in parts of Alameda County, though some market pockets remain resilient. Falling property values can reduce revenues for local public agencies and school districts.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]