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Error details: Error: INTERNAL_ERROR for 43e35092-b250-2be9-9f47-bbe4305738f5: {"response":{"errors":[{"message":"INTERNAL_ERROR for 43e35092-b250-2be9-9f47-bbe4305738f5","locations":[{"line":93,"column":7}],"path":["youmightlike"],"extensions":{"classification":"INTERNAL_ERROR"}}],"data":{"articleData":{"uri":"/2013/03/25/bay-area-multifamily-portfolio-sold-for-64-3-m-by-ipa/","canonicalUrl":"https://www.globest.com/2013/03/25/bay-area-multifamily-portfolio-sold-for-64-3-m-by-ipa/","generatedId":"fmj45fmdli","naturalId":"blogAndPostId/blog/post/296-29085","recombeeId":"296-29085","type":"ARTICLE","postFormat":null,"kickerPresentedBy":{"label":"","value":""},"breadcrumb":[],"presentedBy":"","title":"Bay Area Multifamily Portfolio Sold for $64.3 M by IPA","readtime":"2","timeToRead":"2 minute","prettyModified":"","prettyDateTime":"March 25, 2013 at 03:13 PM","needToKnow":[],"byline":"David Phillips","nofollow":false,"showDisclaimer":true,"authors":[{"name":"David Phillips","description":"David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.","imageLarge":"http://images.globest.com/contrib/content/uploads/sites/313/2016/01/David-Phillips_avatar_1454093129-136x136.jpg","webUrl":"/author/profile/-/"}],"publication":"Globe Street","kicker":"","kickerNode":[],"prettyDate":"March 25, 2013","pubDate":"2013-03-25 15:13:00:000","modifiedDate":"","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":[],"image":{"uri":"","width":"","height":"","alt":""},"embed1":"","embed2":"","summary":"WALNUT CREEK, CA— Built between 1962 and 1964, the three apartment complexes, which total 283,075 square feet among them, include studios and one-, two- and three-bedroom units, with a per-unit average 788 square feet.","categories":[],"allCategories":[{"sectionName":"","channelName":"GlobeSt Market"},{"sectionName":"","channelName":"Globest Sectors"},{"sectionName":"Multifamily","channelName":"Globest Sectors"},{"sectionName":"San Francisco","channelName":"GlobeSt Market"}],"bodyArray":["<p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">WALNUT CREEK, CA<strong>—</strong>Institutional Property Advisors (IPA), has arranged the sale of a three-property 358-unit portfolio in the San Francisco Bay Area city of Walnut Creek. The $64.3 million sales price equates to approximately $180,000 per unit.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\"> IPA is a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors. Stanford Jones, an IPA executive vice president investments, and Philip Saglimbeni and Salvatore Saglimbeni, both IPA vice presidents investments, advised the seller, <strong>JB Matteson</strong>. The buyer was <strong>Interstate Equities Corporation</strong>.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">“The investment appeal of these assets is driven by strong employment fundamentals both in Walnut Creek and the interstate 580/680 corridors, resulting in a high-single digits existing loss-to-lease,” says Jones. “The portfolio's net potential rent increased 12.5 percent between August 2011 and July 2012, slightly higher than Walnut Creek's 11.9 percent rent growth over that same period.”</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">“Walnut Creek is a lifestyle-driven community that attracts a highly educated, upscale resident base,” adds Philip Saglimbeni. </p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\"><strong>“Combined with the</strong> economic vibrancy of the greater San Francisco Bay Area, the portfolio is well positioned for continued rent growth. It was delivered free and clear, enabling the new owner to finance the assets at today's historically low interest rates.”</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">Built between 1962 and 1964, the three apartment complexes, which total 283,075 square feet among them, include studios and one-, two- and three-bedroom units, with a per-unit average 788 square feet. The assets are situated in the upscale city of Walnut Creek, the business and entertainment center of Contra Costa County.</p> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\"> The three Walnut Creek apartment communities are:</p> <ul xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\"> <li><strong>Carmel House</strong>, 1756 Carmel Drive</li> <li><strong>Cypress Creek</strong>, 1011 Ygnacio Valley Road</li> <li><strong>Creekside Glen</strong>, 125 Near Court</li> </ul> <p xmlns:i=\"incisive-repository\" xmlns=\"http://www.w3.org/1999/xhtml\">In September, Interstate Equities picked up a four-building portfolio comprising 84 units in Redwood City for $12.3 million. 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