PTLA purchased Walnut Terrace Apartments in 2014, expanding our growing portfolio in the San Francisco East Bay. Located in the heart of Walnut Creek, the property met our investment criteria of Walkability, Affordability and Access to Transportation. Over $250,000 was invested in comprehensive interior and exterior upgrades. Following the completion of the projects and the rebranding of the property, the property was refinanced, returning substantial equity to investors. The resulting value increase from the upgrades amounted to over 60%.
PTLA’s management team worked as project manager, overseeing a complete renovation and rebranding of the property. Despite an already quick timeline, the team completed the projects two months ahead of schedule, allowing residents to move in earlier. The leasing team went to work following completion and leased the units well above the targeted rents, driving property cash flow and adding significant value to the property. View the website at www.terraceswalnutcreek.com.
|Property Type||Conventional Multi-Family|
|# of Units||12|
|Strategy||Renovate & Rebrand|
|Target Holding Period||10 years|
|Equity Type||1031 Exchange|