WALNUT CREEK, CA-Ezralow-Capital Valley Investments of Rocklin,CA has acquired the 316-unit Whispering Oaks apartment complex fromChicago’s Equity Residential REIT for $48 million in a transactionthat holds potential for rent growth at the complex through arenovation program. Mark Leary of the San Francisco office ofAtlanta-based Apartment Realty Advisors, who represented the selleralong with Curtis Gardner of ARA’s San Francisco office, tellsGlobeSt.com: “The property’s location provides the opportunity forCapital Valley to increase rental rates through a renovationprogram. The highly sought-after class A location within the EastBay, coupled with a stable collections history and a strongvalue-add play, made this a logical acquisition for the group.”

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

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Leary notes that Ezralow-Capital Valley’s Bryan Ezralow, whenasked about the Whispering Oaks acquisition, responded that, “Weare very excited about the acquisition, as well as our plans toreposition the asset. The project provides a meaningful opportunityto increase our presence in the Bay Area.” Ezralow added that histeam plans to “continue our multifamily acquisitions through2011.”

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

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