By Meghan Hall
As deal volume has slowed over the past couple of weeks due to the impacts of the Coronavirus, news of transactions that closed in the weeks prior to the illnesses’ arrival are now coming to light. In a sale that was finalized on February 28th, PTLA Real Estate Group sold the Lincoln Terrace Apartment Complex to Dana Point, Calif.-based Raintree Partners for $12 million, or about $333,333 per unit, according to public property documents.
Located at 1100 Lincoln Ave., the complex totals 36-units and 24,268 square feet. The units are a mix of one- and two-bedroom units. Amenities include an on-site swimming pool and easy access to downtown Walnut Creek and the Walnut Creek BART Station.
Colliers’ Northern California Multifamily team represented PTLA Real Estate in the transaction. “The sale of Lincoln Terrace reinforces apartment investors’ desire to purchase assets in highly desirable East Bay submarkets, including Walnut Creek,” said Colliers Senior Vice President, Rich Martini to The Registry. “The proximity to Walnut Creek’s thriving downtown along with the ability to add-value to the property and increase rental income was a major driver for investors.”
Property records indicate that PTLA Real Estate Group, who is also based in Walnut Creek, acquired the property in 2014 through a deed of trust. The property itself was originally constructed in 1962, and according to PTLA’s website, the firm leveraged a 1031 exchange to renovate and rebrand the property. Renovated units include hard surface floors, stainless steel appliances and granite countertops. Upon acquisition, PTLA planned to hold the property for around eight years.
“We could not have asked for a better experience working with Rich and the Colliers team. Their expertise on the market is evident in the return made for our investors which affirms our overall investment strategy of investing in growing urban markets,” said PTLA Real Estate Group President Peter Wilson.
The acquisition is not Raintree Partner’s first foray into the Bay Area market. The firm has an office in San Francisco in addition to its corporate headquarters in Dana Point. According to the firm’s website, Raintree owns 34 properties in 22 cities, totaling more than 4.3 million square feet of space. Other properties part of the firm’s Northern California portfolio include The Franciscan, an 180-unit complex in Campbell that was acquired in September of 2017, and 201 Marshall, a Redwood City community developed in 2014 that totals 116 units.