TA Realty Buys East Bay Apartments for $163 million

A TA Realty affiliate purchased a Walnut Creek apartment complex in the latest large multifamily transaction in the East Bay city.

The TA Realty entity picked up the 285-unit Hanover Walnut Creek apartments for $163 million, or $571,900 per unit, the East Bay Times reported. The seller was Houston-based Hanover Company, which developed the property at 3050 Del Hombre and opened it to residents in 2023.

The transaction marks the second time in the past two months that large apartment complexes in Walnut Creek that were built in recent years have sold for more than $150 million.

In August, an affiliate of San Mateo-based real estate investment firm Acacia Capital bought the Waymark apartment complex at 101 Pringle Avenue for $190 million, or $530,700 per unit. That 358-unit property was sold by Blake Griggs Properties and Transit Village Associates, which developed the property.

Last month, a Fresno-based investor group led by Valley Yellow Pages CEO Siegried Fisher plunked down $31 million for the Atrium Downtown apartments in Walnut Creek. The seller of the 78-unit property at 1812 Trinity Avenue was Walnut Creek-based Sequoia Entities, which sold the complex for $397,400 per unit.

The 97-unit Rise apartments at 1380 North California Boulevard sold to a Hines affiliate last May for $57 million. Florida-based Rescore Property sold the property for about $587,600 per unit.

Elsewhere in Walnut Creek, more housing is in the pipeline in an effort to meet state-mandated housing goals.

Local property owner Steve Depper, for example, submitted a preapplication to city officials to build a 74-unit apartment building on the site of Dutch Girl Cleaners at 2094 Mount Diablo Boulevard. Depper ran the dry cleaning business for more than two decades before retiring and selling the business, though he remains the property’s landlord.

Boston-based TA Realty has been in operation since 1982 and owns real estate assets across the country ranging from apartments and retail properties to offices, industrial sites and the rapidly growing category of data centers.

— Chris Malone Méndez