Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of The Rise Walnut Creek, a 97-unit multifamily property with 8,000 rentable square feet of retail space in Walnut Creek, California.
“Walnut Creek’s suburban setting and lifestyle amenities make it one of the San Francisco Bay Area’s most sought-after cities,” said Alex Tartaglia, IPA senior director. “The Rise Walnut Creek provides residents with an appealing, more affordable housing option versus homeownership in a city where the median home price is more than $1.4 million.” Tartaglia, Stanford Jones, Philip Saglimbeni, and Salvatore Saglimbeni represented the seller, Rescore, and procured the buyer, Hines.
The Rise Walnut Creek is located in the heart of Walnut Creek’s vibrant downtown, within walking distance of hundreds of restaurants, retailers, entertainment venues, and the Walnut Creek Bay Area Rapid Transit station. Interstate 680 and State Route 24 provide residents with access to job centers in San Francisco, Oakland, and the San Ramon-Dublin-Pleasanton-Livermore area. Employers nearby include Kaiser Permanente, Covia, John Muir Medical Center and California State Automobile Association Insurance.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
