Granite Capital Group (GCG) has recently acquired The Boulders Apartments in Walnut Creek, California for a total price of $58 million. The property, located at 530 North Civic Drive, consists of a multifamily asset comprising 164 units. The purchase price translates to an average per unit price of $353,659.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $58,000,000
• Address: 530 North Civic Drive, Walnut Creek
• Market: Walnut Creek
• Buyer: Granite Capital Group - Bruce Savett

Granite Capital Group, a Santa Barbara-based real estate investment firm, utilized proceeds from the sale of Enclave Belle Creek apartments in Denver through a 1031 Tax Deferred Exchange to finance the acquisition. They secured a $41.2 million Fannie Mae loan at a fixed rate of 4.42% for the purchase. This move allows GCG to transition to a Class A property location in Walnut Creek while enjoying lower costs.