March 24, 2020 Comments Off on PTLA Divests Lincoln Terrace MF in Walnut Creek Views: 550 Bay Area, California News

PTLA Divests Lincoln Terrace MF in Walnut Creek

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The Colliers Northern California multifamily team brokered the sale of a multifamily property at 1100 Lincoln Ave. in Walnut Creek. Known as Lincoln Terrace, the 24,268 square-foot, 36-unit apartment property sold for $12,000,000, or $333,333 per unit.

Built in 1962, Lincoln Terrace is comprised of one and two-bedroom units, and features a community swimming pool. The property’s prime location offers residents easy access to the Walnut Creek BART station and the area’s booming downtown retail and dining experience.

“The sale of Lincoln Terrace reinforces apartment investors’ desire to purchase assets in highly desirable East Bay submarkets, including Walnut Creek,” said Colliers’ Rich Martini, who handled the deal on behalf of PTLA Real Estate Group. “The proximity to Walnut Creek’s thriving downtown, along with the ability to add value to the property and increase rental income, was a major driver for investors.”

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