IPA Arranges Sale of Bay Area Multifamily Portfolio
- May 28, 2020
Institutional Property Advisors, a division of Marcus & Millichap, has sold three value-add multifamily properties in Walnut Creek, Calif., for $55.6 million. IPA’s Stanford Jones, Philip Saglimbeni and Alex Tartaglia, along with Carlos Azucena of Marcus & Millichap completed the transaction on behalf of the seller.
The properties included in the deal are:
- The Pines, a 120-unit boutique apartment
- City View, a 20-unit boutique apartment
- 1465 Mt. Pisgah, a 10-unit boutique apartment
A private investor acquired 1465 Mt. Pisgah and Raintree Partners acquired The Pines and City View. Each property is within walking distance from Downtown Walnut Creek, which offers shopping and dining destinations in the East Bay area. All three properties are located near The Walnut Creek BART train station and Instate 680 which provides access to the Tri-Valley area.
The Pines offers a mix of studio, one-, two- and three-bedroom units featuring a residential swimming pool. City View offers residents a mix of one- and two-bedroom units along with townhomes select featuring in-unit washer dryers and stainless steel appliances. 1465 Mt. Pisgah consists of one- and two-bedroom units featuring laundry facilities and a courtyard.
Last month, IPA assisted in the $32 million sale of South Hills Apartments, a 85-unit community in West Covina, Calif.