By Kate Snyder
In another multifamily transaction in Walnut Creek, the Vista Terrace Apartments recently sold for $19.55 million, or $488,750 per unit, to The Estopinal Family Partnership in Orinda, according to information from Colliers International, which brokered the sale. The seller was Legacy PTLA Vista Terrace, LLC, of Walnut Creek, an entity affiliated with PTLA Real Estate Group. The sale closed on Oct. 28.
“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 PTLA Real Estate Group.
The 40-unit Vista Terrace Apartments is located at 1355 Mt. Pisgah Road, just minutes from Walnut Creek’s downtown, and 95 percent of the complex’s units have been completely renovated, according to information from Colliers. Additionally, 85 percent of the units have two or more bedrooms. Apartment amenities include private balconies and patios, stainless steel appliances, modern white and gray cabinets, quartz countertops, wood plank flooring and new lighting. Community amenities include a courtyard, covered parking and a pool with lounge chairs and tables.
According to Colliers, the property received multiple offers and sold over the asking price and the $488,750 price per unit was a record for similar vintage multifamily properties in Walnut Creek with 10 or more units.
“The Walnut Creek submarket continues to attract significant interest from apartment investors in spite of the ever-changing capital markets landscape and economic uncertainty,” said Rich Martini, executive vice president of Colliers Capital Markets Group in Walnut Creek, who was the broker for the sale. “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.”
In the East Bay region, Walnut Creek serves as a vibrant hub for its neighboring cities because of its location at the intersection of two major highways, including I-680 for travel to Sacramento and San Jose and SR-24 for travel to Oakland and San Francisco, according to information from Colliers. The city is also served by two BART stations and has an “active and lively downtown neighborhood” featuring hundred-year-old buildings and extensive high-end retail establishments.