Walnut Creek, CA–November 30, 2022 – A 40-unit multifamily property in Walnut Creek sold for $19.55 million in late October, which represented a record price per unit of $488,750 for similar vintage multifamily properties in the city with 10 or more units.
The seller of the nearly 35,000-square-foot Vista Terrace Apartments at 1355 Mt. Pisgah Road was Legacy PTLA Vista Terrace LLC and the buyer was Orinda based The Estopinal Family Partnership.
Rich Martini, Executive Vice President with Colliers Capital Markets Group in Walnut Creek, represented the seller and said that the property received multiple offers and sold over the asking price.
“The Walnut Creek submarket continues to attract significant interest from apartment investors in spite of the ever-changing capital markets landscape and economic uncertainty.”
“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,” added Martini.
The seller’s representatives were impressed by the level of marketing and engagement that the listing received and praised Martini’s knowledge and experience in the area.
“We achieved a great return for our investors with this transaction. Rich Martini and the team at Colliers were great partners as we outperformed expectations despite a changing market. We are very pleased with the outcome,” said Peter Wilson, president of the PTLA Real Estate Group.
Allison+Partners for Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 63 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.6 billion and $92 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors, and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.