WALNUT CREEK — An apartment complex with hundreds of units near the Walnut Creek BART station has been bought for less than its assessed value in a sign that values for multifamily residential properties are drifting lower.
Waymark, a residential hub that was built in 2020, has been bought for $190 million, according to documents filed on Aug. 29 with the Contra Costa County Recorder’s Office.
Waymark, a 358-unit apartment complex at 101 Pringle Avenue near the BART station in downtown Walnut Creek. (George Avalos/Bay Area News Group)
Acacia Capital, a San Mateo-based real estate investment firm that acted through an affiliate, is the new owner of the Waymak apartment complex, which is located at 101 Pringle Ave. in Walnut Creek, the county records show.
At the time of its purchase, Acacia Capital also obtained a $118.5 million loan from CBRE Multifamily Capital. That loan was then transferred to Fannie Mae, officially known as the Federal National Mortgage Association.
Waymark, a 358-unit apartment complex at 101 Pringle Avenue near the BART station in downtown Walnut Creek. (George Avalos/Bay Area News Group)
The price Acacia Capital paid was 15.1% below the Waymark’s most recently estimated value of $223.8 million, as calculated by the Contra Costa County Assessor’s Office.
Despite that, Waymark’s price appears to be holding up better than several other apartments in Oakland recently. Several East Bay apartment properties have been involved in transactions that point to a weakening market for multifamily housing sites in Alameda County, although some housing hub purchases suggest that pockets of strength persist in both Alameda County and Contra Costa County.
Trends in property values can affect revenue for an array of public agencies. If real estate values droop in a region, the decline could choke a crucial revenue stream for cities, counties, regional agencies and school districts.
An alliance of real estate firms Blake Griggs Properties and Transit Village Associates originally developed Waymark and sold the apartment complex to the Acadia firm.
The apartment complex was developed as part of an emerging transit-oriented village next to the Walnut Creek BART station. BART sold the property in 2019 to the Blake Griggs and Transit Village Associates affiliate for about $23.3 million, county real estate records show. The development allies also landed a $127.2 million construction loan to build the Waymark apartments.
Waymark’s construction was completed in 2022. The apartment complex was touted as the first stage of the development of a transit-oriented village next to the Walnut Creek BART station.
“Our first goal was to design a great place to live, where you can step out to go shopping, to the gym, or to meet friends for coffee or dinner,” Brad Griggs, managing partner of Blake Griggs Properties, said in 2023 at the time of a formal ceremony to mark the opening of Waymark.
The transit village is expected to contain 596 apartments, including the 358 within Waymark, once the project is fully built out. A timeline for the next phase wasn’t immediately available.
“Waymark is turning out to be the model of transit-oriented development that was envisioned years ago by the project team,” Blake Griggs Properties stated in 2023.