TA Realty Buys Bay Area Community for $163M

Boston-based TA Realty has purchased Hanover Walnut Creek, a 285-unit community in Walnut Creek, Calif., for $163 million or $571,929 per unit, according to The Registry. Developer Hanover Co. sold the asset, Yardi Matrix information shows.

Hanover Walnut Creek came online in 2023 at 3050 Del Hombre, on a 2-acre site. The property features a single six-story building enclosing residences ranging from 674 to 1,336 square feet. Shared amenities include a fitness center, clubhouse, business center and swimming pool.

Hanover Walnut Creek is near Interstate 680 and California State Route 24, which connect the community to downtown San Francisco, some 27 miles west. Additionally, the property is within a 2-mile radius from Best Buy, Kohl’s, Trader Joe’s and Costco Wholesale.

Bay Area shows improvement

In the first three quarters of the year, the Bay Area saw $2.5 billion in multifamily investment sales, with 34 properties changing hands at an average per-unit price of $391,205, Yardi Matrix information shows. This year’s figures are significantly higher than the ones registered in the first nine months of 2024, which totaled $1.1 billion, with 30 properties trading at an average price of $364,502 per unit.

Nationwide, September was the weakest month in terms of advertised asking rents since 2009, due to a $6 drop to $1,750, while the annual growth rose to 0.6 percent year-over-year, up 30 basis points, according to the latest Yardi Matrix multifamily report. San Francisco, along with other coastal metros, experienced gains month-over-month in advertised rents in September, namely 0.5 percent.