SAN FRANCISCO—GlobeSt.com has exclusively learned that the sale of Park Lake Apartments here in Walnut Creek, CA, is a done deal. The 184-unit garden-style multihousing community was sold by Carmel Partners.
The asset, brokered by HFF, was purchased by TIAA-CREF. Park Lake Apartments is located at 100 Park Lake Circle at the intersection of Ygnacio Valley and Bancroft Roads, within a short drive of two Bay Area Rapid Transit System stations and in close proximity to downtown Walnut Creek.
Situated on 10.5 acres, the community includes 96 one-bedroom and 88 two-bedroom units averaging 876 square feet each. Community amenities include a heated pool and spa, fitness center and assigned covered parking.
The HFF investment sales team representing the seller was led by director Nathan Blair, with support from senior real estate analyst Adam Simon and real estate analyst Michael McDermott.
“The acquisition of Park Lake Apartments is consistent with our integrated approach to value-add apartment investments,” says Jay Martha, managing director of North American Real Estate for TIAA-CREF Asset Management.
Based in San Francisco, Carmel Partners specializes in multifamily transactions within the US.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.