"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. The 285-unit Hanover Walnut Creek apartment property, located at 3050 Del Hombre, has been purchased for $163 million by a TA Realty affiliate, documents filed on Oct. 7 with the Contra Costa County Recorder's Office show."
"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."
"* 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."
Hanover Walnut Creek, a 285-unit complex at 3050 Del Hombre, sold for $163 million to a TA Realty affiliate. Recent large Walnut Creek transactions include Waymark, a 358-unit property bought for $190 million, and The Rise, a 97-unit property acquired for $57 million. The sellers in at least two of the recent large deals were the original developers. Per-unit prices ranged roughly from $530,700 to $587,600, indicating strong values for newly constructed multifamily assets. TA Realty is Boston-based, in business since 1982, and owns a diversified portfolio across real estate sectors.
Read at The Mercury News
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