The Stoneridge Apartments, a 339-unit community, have been acquired by the partnership for an undisclosed price. Local market sources estimate the deal's value to be approximately $55 million. The property will be re-named "Stoneridge at Diablo Hills" to better publicize its connection to the adjacent Diablo Hills Golf Course surrounding the property.
"We are very excited for the opportunity to acquire and operate this unique community wrapped by the beautiful Diablo Hills Golf Course." says Tomas Schoenberg, SARES-REGIS' Senior Vice President of Acquisitions. "Stoneridge's location on a golf course, its low density and its gently sloping site elevations provide a tranquil, rural setting for its residents, yet it is located only minutes from BART and downtown Walnut Creek. This is arguably the most appealing multifamily residential community in Walnut Creek. Stoneridge at Diablo Hills will become the flagship property in our fast growing East Bay apartment portfolio."
The property was purchased from Ameriton Properties, which was represented by Stan Jones of Marcus & Millichap. The deal was financed with a first new mortgage provided by GMAC Institutional Advisors.
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