Waterton Buys San Francisco-Area Community
- Dec 21, 2018
Waterton has acquired Bay Village, a 260-unit community northeast of San Francisco, from Kennedy Wilson for $64.5 million, according to Yardi Matrix. Walker & Dunlop provided $45.3 million in Fannie Mae acquisition financing to the buyer. The seller had purchased the multifamily asset in March 2006 for $32 million.
Located at 1107 Porter St. in Vallejo, Calif., the 40-building garden-style community is near Interstate 80. A bus route next to the property links commuters with the Vallejo Ferry Terminal, enabling direct access to San Francisco, 28 miles to the southwest.
Bay Village contains a blend of one- and two-bedroom units, with floorplans between 630 and 873 square feet. Amenities include a swimming pool, fitness center, clubhouse, playground and 360 parking spaces. The property was 94.2 percent occupied in November, per Yardi Matrix data.
As Waterton increases its presence in San Francisco and the Bay Area, the investor maintains a significant nationwide portfolio. In 2017, the firm paid $144 million for a 405-unit community in Arlington, Va.
Image courtesy of Yardi Matrix