Older Walnut Creek apartment complex with 100-plus units lands buyer

Deal suggests investors still hunger for apartments despite uncertain economy

CREEK OF WALNUT — A California real estate firm has purchased an older apartment complex in Walnut Creek, demonstrating that residential complexes can still attract investors in the face of an uncertain economy.

According to documents filed with the Contra Costa County Recorder’s Office on Nov. 6, the apartment complex at 530 North Civic Drive was purchased for slightly less than $58 million.

According to the apartments.com website, the recently purchased residential property, known as The Boulders, has 164 units, mostly in two-story buildings on both sides of North Civic Drive near Walden Road.

The transaction indicates a unit purchase price of $353,500. That is slightly less than the per-unit price of several apartment purchases in the Bay Area that occurred following the coronavirus outbreak.

According to county documents, Granite Capital Group, a Santa Barbara-based real estate investment firm acting through an affiliate, purchased the apartment complex.

Based in San Mateo The apartment complex was sold by Prometheus, one of the Bay Area’s largest and most savvy real estate firms. According to the apartments.com website, the residential property was built in 1971.

According to the company’s website, Granite Capital seeks out appealing real estate opportunities on behalf of high-net-worth investors.

Granite Capital’s apartment investments prior to the recent Walnut Creek acquisition were all located outside of the Bay Area, primarily in Colorado, Texas, Montana, and the eastern Los Angeles County city of Diamond Bar.

According to a review of Granite Capital’s website, the Walnut Creek residential purchase appears to be the company’s only current real estate investment in the Bay Area.

According to the apartments.com website, monthly rents at the apartment complex range from $2,147 to $2,899 USD. The complex is made up of studios, one- and two-bedroom apartments.

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