WALNUT CREEK, CA–A transit-oriented, class-A multifamily development project, The Landing at Walnut Creek, received joint venture equity of approximately $70 million. Holliday Fenoglio Fowler L.P. (HFF) sourced the equity from a US-based life insurance company on behalf of the developer, BHV Centerstreet Properties LLC.
The HFF equity placement team representing the developer was led by senior managing director Bruce Ganong and associate director Adam Simon. Ganong tells GlobeSt.com:
“The Landing at Walnut Creek represents conscientious infill development and will bring 178 units of high-density housing adjacent to a major transit hub.”
According to BHV Centerstreet Properties, the project is expected to begin construction in the fall with completion scheduled for Q2 2017. When completed, the property will have four levels encompassing approximately 145,648 rentable square feet above a 223-space parking garage. Community amenities include a fitness center, yoga studio, roof deck with lounge and outdoor resident activity areas.
The site is across the street from the Walnut Creek BART station on approximately 1.78 acres at the corner of Ygnacio Valley Road, a main East-West artery, and Oakland Boulevard, within close proximity to the Interstate 680 off-ramp. This gives the project excellent visibility to more than 300,000 vehicles per day on Interstate 680 and Ygnacio Valley Road, and nearly 6,000 daily BART commuters.
“The recent closing marks the culmination of a complex assemblage of contiguous parcels that will allow the development of a housing community providing residents with convenient transit access to downtown San Francisco and other employment centers in the Bay Area, all while being only a short walk from the world-class shopping, dining and cultural attractions of downtown Walnut Creek,” said Ganong.
Walnut Creek is a coveted apartment rental submarket, with a population of approximately 67,000 residents and 30,301 households with an average annual income of $76,522. The median age is 47.9 years with 56% of residents holding a college degree.
BHV Centerstreet Properties is a private real estate development company based in Danville, CA. BHVCP develops, leases and manages residential, retail and mixed-use projects on the West Coast, primarily in infill markets in the Bay Area and Southern California.
This is the second financing transaction in the $70 million range secured by HFF in as many weeks. As previously reported, the office property at 501 Second St. in San Francisco was refinanced for $75 million.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
