Legacy Partners acquires Tower Court apartments in Walnut Creek
East Bay Business Times - by Jessica Saunders
Legacy Partners has bought the 109-unit Tower Court apartment community in Walnut Creek from Hall Equities Group for an undisclosed amount.
The Foster City real estate company plans to renovate the interiors and common areas of the complex, which was completed in 1989.
Tower Court, located at 1555 Riviera Ave., is a Class A apartment community on a 1.37-acre site within walking distance of the Broadway Plaza shopping center in downtown Walnut Creek. It is one block from the Walnut Creek BART station.
Its apartments range from 500 to 950 square feet in size and layouts from studio to two-bedroom, two-bath. Amenities include 13,000 square feet of ground-floor retail space, a secure parking garage with elevators and a private landscaped courtyard with a swimming pool and a spa, as well as views of Mount Diablo.
"With the acquisition of Tower Court, we have the opportunity to transform a high-quality asset with dated finishes by completely renovating the interiors and common areas to match its fabulous downtown Walnut Creek location," said Jeff Byrd, senior vice president of Legacy Partners.
The sellers were Mark Hall and Richard Clancy of Hall Equities Group. The brokers were Douglas Hood, Kyle Gray and Kase Abusharkh of Sperry Van Ness.
Legacy Partners plans to close on over $300 million of in-fill multifamily acquisitions and new development in the San Francisco Bay Area over the next year, according to a news release. The 800-employee company oversees a commercial and residential real estate portfolio valued at more than $5.8 billion in California, Arizona, Colorado, Washington and Texas.
jsaunders@bizjournals.com | 925-598-1427
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