WALNUT CREEK, CA—Institutional Property Advisors (IPA), has arranged the sale of a three-property 358-unit portfolio in the San Francisco Bay Area city of Walnut Creek. The $64.3 million sales price equates to approximately $180,000 per unit.

IPA is a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors. Stanford Jones, an IPA executive vice president investments, and Philip Saglimbeni and Salvatore Saglimbeni, both IPA vice presidents investments, advised the seller, JB Matteson. The buyer was Interstate Equities Corporation.

“The investment appeal of these assets is driven by strong employment fundamentals both in Walnut Creek and the interstate 580/680 corridors, resulting in a high-single digits existing loss-to-lease,” says Jones. “The portfolio's net potential rent increased 12.5 percent between August 2011 and July 2012, slightly higher than Walnut Creek's 11.9 percent rent growth over that same period.”