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1380 North California Boule...

Laura Hines-Pierce Acquires Multifamily Property In Walnut Creek For $57M
SOLDMultiFamily

Laura Hines-Pierce Acquires Multifamily Property In Walnut Creek For $57M

1380 North California Boulevard

$57,000,000

Building Size

Asset Type

MultiFamily

Closing

Jun 11, 2024

AI

The Rise Walnut Creek is a 97-unit multifamily property located at 1380 North California Boulevard in Walnut Creek. The property was recently sold for $57 million in a transaction facilitated by Institutional Property Advisors. This residential asset offers affordable housing options with upscale amenities, situated in a coveted suburban location.

Summary of transaction details:

The transaction involved key individuals and companies such as Laura Hines-Pierce from Hines, who acquired the property, and Arthur J. Falcone from Rescore, the seller. The brokers involved in the deal were Alex Tartaglia, Philip Saglimbeni, Salvatore Saglimbeni, and Stanford Jones from Institutional Property Advisors, representing Marcus & Millichap. The successful sale of The Rise Walnut Creek underscores the demand for quality residential assets in desirable locations.

Players

Alex Tartaglia

Institutional Property Advisors

Broker

$1B

vol

8 deals

Broker

Walnut Creek MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.28%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93