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Hines Acquires Newly Built Walnut Creek Multifamily
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of The Rise Walnut Creek, a 97-unit multifamily property with an 8,000-square-foot retail space. Although the price was not disclosed, published reports say Hines paid $57 million for the newly built property in Walnut Creek.
“Walnut Creek’s suburban setting and lifestyle amenities make it one of the San Francisco Bay Area’s most sought-after cities,” said Alex Tartaglia, IPA senior director. “The Rise Walnut Creek provides residents with an appealing, more affordable housing option versus homeownership in a city where the median home price is more than $1.4 million.”
Tartaglia and IPA’s Stanford Jones, Philip Saglimbeni and Salvatore Saglimbeni represented the seller, Rescore, and procured the buyer, Hines.
Rescore completed construction on the property in 2023. Units at The Rise Walnut Creek have washers and dryers, white oak wide plank flooring, stainless-steel appliances and large windows.
- ◦Sale/Acquisition
