$48M Apartment Buy Holds Value-Add Potential

WALNUT CREEK, CA-Ezralow-Capital Valley Investments of Rocklin, CA has acquired the 316-unit Whispering Oaks apartment complex from Chicago’s Equity Residential REIT for $48 million in a transaction that holds potential for rent growth at the complex through a renovation program. Mark Leary of the San Francisco office of Atlanta-based Apartment Realty Advisors, who represented the seller along with Curtis Gardner of ARA’s San Francisco office, tells GlobeSt.com: “The property’s location provides the opportunity for Capital Valley to increase rental rates through a renovation program. The highly sought-after class A location within the East Bay, coupled with a stable collections history and a strong value-add play, made this a logical acquisition for the group.”

Leary adds that Whispering Oaks, located at 1459 Creekside Dr. off Interstate 680, has a record of strong operations that is supported by a stable rental market in an affluent community, a supply-constrained area and roughly 6.5 million square feet of office space within a short drive. Major area employers include Kaiser Permanent, John Muir Medical Center and Chevron.