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WALNUT CREEK, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of three boutique, value-add multifamily properties in Walnut Creek. Totaling 150 units, the portfolio sold to two individual buyers for a total combined price of $55.6 million, or $371,000 per unit.
Raintree Partners acquired The Pines, a 120-unit asset, and the 20-unit City View, while a private investor purchased the 10-unit 1465 Mt. Pisgah Road property.
Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Alex Tartaglia of IPA, along with Carlos Azucena of Marcus & Millichap, represented the undisclosed seller in the transactions.