(EDITOR’S NOTE: According people familiar with the transaction, the insurance company paid in excess of $50 million for the property, or nearly $500,000 per unit. An earlier version we incorrectly stated that the price paid was $37.8 million, according to public records.)
MILWAUKEE, Sept. 10, 2015 — Northwestern Mutual has acquired The Arroyo, a luxury apartment project currently under construction in downtown Walnut Creek, CA. Terms were not disclosed.
The six-story, 100-unit complex will be an exciting addition to the downtown area, and is one of multiple investments Northwestern Mutual has made in Walnut Creek. The project is scheduled to be completed in late 2015.
“The Arroyo is a first-class project that represents another opportunity for us to invest in one of the most favored and growing communities on the West Coast,” said Jory Halperin, director of Northwestern Mutual Real Estate.
Halperin added that Northwestern Mutual’s strong real estate presence on the West Coast is an important element of the company’s diversified investment portfolio producing gains for the company’s policyowners.
Northwestern Mutual Real Estate is the real estate investment arm of Northwestern Mutual and one of the largest real estate investors in the nation with investments in commercial mortgage loans and equities across all major property types.
An essential ingredient in maintaining Northwestern Mutual’s financial strength and ability to deliver value to it policyowners is the performance of the company’s $195 billion general account investment portfolio, whose assets back the company’s insurance and annuity products.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With $230 billion in assets, $27 billion in revenues, nearly $90 billion in assets under management in our investment products and services, and more than $1.5 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to 4.3 million people who rely on us for insurance and investment solutions, including life, disability income and long-term care insurance; annuities; trust services; mutual funds; and investment advisory products and services. Northwestern Mutual is recognized by FORTUNE magazine as one of the “World’s Most Admired” life insurance companies in 2015.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, life insurance with long-term care benefits, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company.