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.”

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.

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.”