WALNUT CREEK, CA-GlobeSt.com has learned that Greystar has purchased a 109-unit mixed-use complex for $27.4 million here. The seller of Legacy at Walnut Creek Apartments was Legacy Partners.
“The San Francisco Bay Area apartment market is well-positioned to capitalize on the increasing presence of high-tech industry and innovation centers in the area,” says Kevin Kaberna, managing director of investments at Greystar. “In addition to positive fundamentals, Walnut Creek is poised to outperform based on the strong rental growth occurring on the Peninsula.”
This acquisition is the latest in the company’s continuously expanding multifamily platform in Northern California, according to Greystar. In addition to Legacy Walnut Creek, the company owns or manages over 9,000 units throughout California, a third of which are located in Northern California.
Greystar focuses on investments where it can drive value through strategic, operational and physical enhancements, and is aggressively pursuing acquisitions both across the country and specifically in the Bay Area. According to a prepared statement, “the company chooses the best markets using internal and external tools and data and only selects specific micro-locations for investments based on our deep local knowledge. Greystar’s national platform provides a stable operating presence and effective analysis of relative value across all markets, enabling well-timed entries and exits from investments and markets.”
According to Kaberna, “Greystar manages numerous properties in the greater San Francisco and San Jose area, and we’re capitalizing on this market knowledge with the acquisition of Legacy at Walnut Creek. We look forward to enhancing the resident experience though modest capital investments in interior, exterior and amenity improvements.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
