Acacia Capital Pays $190M for Bay Area Asset
The price per unit was significantly above the market average.
An affiliate of Acacia Capital has purchased The Waymark, a 358-unit asset in Walnut Creek, Calif., for $190 million, Silicon Valley first reported. CBRE Multifamily Capital issued a $118.5 million Fannie Mae acquisition loan.
Blake Griggs Properties and Transit Village Associates sold the property. The duo brought the community online in 2023, the same year Mitsui Fudosan America provided a $130 million note, Yardi Matrix data shows.
Located at 101 Pringle Ave., the community is about 23 miles northeast of downtown San Francisco and close to Interstate 680. Several parks and a nearly 700,000-square-foot shopping center are within 2 miles of The Waymark.
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The property consists of two buildings rising three and five stories. Floorplans feature studio and one- to three-bedroom layouts ranging between 502 and 1,403 square feet. Common-area amenities include a swimming pool, rooftop deck, gym, dining room and a courtyard, among others.
Acacia Capital has acquired debt and equity interests in more than 33,000 units exceeding $8 billion since its inception in 1992, according to its website. The company is bullish on Western markets, including Seattle, Phoenix, Denver and Las Vegas, as well as California.
Multifamily investment rebounds across the Bay Area
The multifamily transaction volume across the Bay Area clocked in at $1.4 billion during the first eight months of 2025, doubling the figure of $700 million registered during the same period of last year, Yardi Matrix data shows.
Assets got more expensive as well. The average price per unit clocked in at $446,672 year-to-date through August, marking a 56.8 percent increase year-over-year, the data provider shows. Meanwhile, The Waymark changed hands for more than $530,000, significantly above the average.
One significant deal in the market closed this spring, when PCCP paid $540.5 million to purchase a 1,770-unit collection from Veritas and Ivanhoé Cambridge. Wells Fargo and Deutsche Bank originated a $430 million acquisition note.
