May 27, 2020
Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale of three boutique, value-add apartment properties totaling 150 units in Walnut Creek. The portfolio sold for a combined sales price of $55.6 million, representing an average price of roughly $371,000 per unit. The properties, located within walking distance of downtown Walnut Creek, include The Pines, 120 units; City View, 20 units; and 1465 Mt. Pisgah, 10 units.
IPA’s Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Alex Tartaglia, along with Marcus & Millichap’s Carlos Azucena, handled the brokerage assignment on behalf of the seller. The Pines and City View were acquired by Raintree Partners. A private investor purchased 1465 Mt. Pisgah.
IPA’s Philip Saglimbeni says, “Walnut Creek represents one of the most highly sought-after cities in the Bay Area, given its desirable mix of lifestyle amenities including a vibrant downtown district, well-regarded schools, transit-orientation, and proximity to major employment centers.”
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