Acacia Capital Adds to Bay Area Multifamily Portfolio

Acacia Capital added another Bay Area multifamily property to its portfolio.

The San Mateo-based real estate investment firm, acting through an affiliate, bought the Waymark apartment complex at 101 Pringle Avenue in Walnut Creek, the East Bay Times reported. The firm paid $190 million for the 358-unit property. That’s almost $531,000 per unit. The sellers were Blake Griggs Properties and Transit Village Associates, the firms that developed the complex. Construction was completed in 2022.

The price was 15.1 percent below Waymark’s estimated value of $223.8 million. The purchase was funded by a $118.5 million loan from CBRE Multifamily Capital; the loan was then transferred to the Federal National Mortgage Association, or Fannie Mae.

The apartments were developed as part of a transit-oriented development next to the Walnut Creek BART station. The Bay Area Rapid Transit agency sold the property in 2019 to Blake Griggs and Transit Village Associates for $23.3 million. The developers secured a $127.2 million construction loan to bring the project to life.

Almost 600 apartments were originally planned, but a timeline for the next phase of construction hasn’t been disclosed.

Acacia Capital has purchased multifamily throughout the Bay Area over the past two years.

In November, the firm paid $184 million for a 304-unit apartment property at 299 Franklin Street in Redwood City. Nuveen, a subsidiary of Teachers Insurance and Annuity Association of America, was the seller.

Last July, Acacia bought a 275-unit complex at 3510 Beacon Avenue in downtown Fremont for $126 million. That property was offloaded by Las Vegas-based Fore Property.

Prior to that, in November 2023, Acacia dropped nearly $62.3 million for Villa del Sol, a two-building apartment complex in Sunnyvale, from Palo Alto-based Pacific Urban Investors.

Other recent apartment purchases in the East Bay, including Walnut Creek, placed buildings’ values lower than previously estimated. The 78-unit Atrium Downtown sold last month for $31 million, down from the most recently assessed value of $32.1 million. And in Concord, Abacus Capital Group paid $98.3 million for the 259-unit Park Central Apartments, a nearly 25 percent decrease from its assessed value of $130.5 million.

— Chris Malone Méndez