Even in a cooling market, there are still hot spots in the East Bay.
A Walnut Creek multifamily property fetched nearly $500,000 per unit. The Estopinal Family Partnership purchased the Vista Terrace Apartments from PTLA Real Estate Group for $19.55 million, according to Colliers who represented the seller.
“The Walnut Creek submarket continues to attract significant interest from apartment investors in spite of the ever-changing capital markets landscape and economic uncertainty,” Rich Martini from Colliers said. “The appeal of the Vista Terrace offering was its A+ downtown Walnut Creek location coupled with its desirable mix of mostly two- and three-bedroom units along with the complete renovation of nearly all of the apartments.”
The apartment complex is located at 1355 Mt. Pisgah Road is 35,000 square feet. The building is 100 percent occupied with an average rent of $2,600. The 40-unit building was completed in 1967. Its average unit size is about 900 square feet.
After a summer frenzy, multifamily trends in the East Bay have shifted, according to a new report by Kidder Mathews. Vacancy rates have increased from 5.0 last quarter to 5.3 percent today. The Vista Terrace deal is above the average price per unit of $409,000. The asking rent is also above the $2,500 average in the East Bay.
Vista Terrace tops recents multifamily deals in the East Bay. An 88-unit complex in Fremont was acquired for $477,000 in September. Other local deals failed to even reach $400,000 per unit. The 208-unit Austin Commons complex in Hayward closed for $345,000 per unit last quarter. Novin Development acquired a Pleasant Hill building for $326,000 per unit with plans to provide affordable housing to residents.
The largest deal in the East Bay this year was for another property in Walnut Creek. San Francisco-based Rockwood Capital acquired the Arroyo Residences for $66 million, or $660,000 per unit.
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