WALNUT CREEK, CA-Ezralow-Capital Valley Investments of Rocklin, CA has acquired the 316-unit Whispering Oaks apartment complex from Chicago’s Equity Residential REIT for $48 million in a transaction that holds potential for rent growth at the complex through a renovation program. Mark Leary of the San Francisco office of Atlanta-based Apartment Realty Advisors, who represented the seller along with Curtis Gardner of ARA’s San Francisco office, tells GlobeSt.com: “The property’s location provides the opportunity for Capital Valley to increase rental rates through a renovation program. The highly sought-after class A location within the East Bay, coupled with a stable collections history and a strong value-add play, made this a logical acquisition for the group.”

Leary adds that Whispering Oaks, located at 1459 Creekside Dr. off Interstate 680, has a record of strong operations that is supported by a stable rental market in an affluent community, a supply-constrained area and roughly 6.5 million square feet of office space within a short drive. Major area employers include Kaiser Permanent, John Muir Medical Center and Chevron.

Leary notes that Ezralow-Capital Valley’s Bryan Ezralow, when asked about the Whispering Oaks acquisition, responded that, “We are very excited about the acquisition, as well as our plans to reposition the asset. The project provides a meaningful opportunity to increase our presence in the Bay Area.” Ezralow added that his team plans to “continue our multifamily acquisitions through 2011.”

Leary tells GlobeSt.com that the Whispering Oaks property attracted more than 20 offers from all types of buyers, including REITs, private equity groups, institutional investors and others. The complex was built in 1976 and is situated on over 6.8 acres. The property, a gated community, features a central clubhouse and leasing office, a swimming pool and two whirlpools, a fitness center, garage parking, laundry facilities, water features and elevators. The apartmens are a mix of studios, one- and two-bedroom units; select units have dishwashers, fireplaces and vaulted ceilings. The property was approximately 97% occupied at the time of sale.