(Walnut Creek, CA) November 2, 2022 – Last week, PTLA Real Estate Group completed the sale of Vista Terrace, a 40-unit, 1963 vintage property in Walnut Creek, CA, walking distance to Broadway Plaza and the Walnut Creek BART station. PTLA purchased the property through a fund in 2015 for just over $11 million and executed a value-add strategy that included major interior and exterior renovations and seismic retrofitting. PTLA sold the property last week for over $19.5 million, a record-setting $489K per unit.
“This is a great example of our value-add strategy achieving exceptional returns for our investors. We were pleased to work with our partner, Rich Martini, who helped us maximize our value despite current market fluctuations,” said David Faucher, CFA, Director of Investments at PTLA.
Proceeds from the sale will exchange into a luxury student housing portfolio in Eugene, OR.
ABOUT PTLA REAL ESTATE GROUP
PTLA Real Estate Group is an independent company that acquires and manages real estate with a specific focus in the West Coast market. In our 50-year history, we have built a team and company centered around the goal of achieving a higher standard of excellence. For more information, please visit our website at www.ptlareg.com.