Read the story in The Registry highlighting Nearon's recent purchase of Walnut Hill Apartments.
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Walnut Hill Apartments in Walnut Creek has traded hands for the first time since its original construction in 1963. Walnut Hill is a 90-unit apartment complex situated at 1755 Trinity Avenue, just three blocks from the Walnut Creek BART station, and steps from the thriving downtown district offering an array of high-end shops, eateries, cafés, art and entertainment venues.
The seller in the transaction was the Morrison family who had originally built the property in the early 1960’s, and the buyer was an entity affiliated with Nearon Enterprises, based in Walnut Creek.
The property sold at the end of 2021 for $37,350,000, representing a price per unit of approximately $415,000. The sale was arranged by the Colliers Northern California Capital Markets Multifamily team of Ryan Wagner, Brandon Geraldo and Matt Kroger.
“The pandemic-driven flight from urban markets for both residents and investors alike was evident in a marketing process that drew local and national interest from both institutional and private capital investors,” according to Brandon Geraldo.
Sprawling out over nearly three acres, Walnut Hill features a large community lawn area, central community and recreation room with restroom facilities and large pool terrace with ample seating. The property sits on Trinity Avenue, immediately adjacent to one of the most vibrant walkable neighborhoods in Northern California.
According to Ryan Wagner, “Walnut Hill was one of the most sought-after mid-sized assets in Northern California in late 2021. The tremendous interest was driven primarily by the low-density nature of the asset as well as the opportunity to acquire a trophy asset that had never been placed on the open market.”
Many units at the property have been renovated over the past 5-7 years, offering studio, one-bedroom, two-bedroom and three-bedroom units, all with very large patios and balconies. Most of the units offer modernized and renovated interiors with quartz countertops, stainless steel appliances and updated finishes throughout. One third of the units at the property are unique one-bedroom units featuring a large den or office adjacent to the main living area, and these could be reconfigured as two-bedroom units.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
About Nearon Enterprises
Nearon Enterprises is a private real estate investment company headquartered in Walnut Creek, California. Nearon has a 75-year history of successfully investing in multifamily and commercial real estate throughout the Western U.S. Today, Nearon owns and operates a diverse portfolio in excess of 5 million square feet. The current Nearon portfolio is primarily concentrated in California, Utah, Arizona and Colorado. For more information, please visit www.nearon.com.