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| Park Lake Apartments, 100 Park Lake Circle Walnut Creek, CA |
SAN FRANCISCO, CA – HFF announced today that it has closed
the sale of Park Lake Apartments, a 184-unit, garden-style multi-housing
community in the northeastern San Francisco suburb of Walnut Creek, California.
HFF
marketed the property on behalf of the seller, Carmel Partners. The asset was purchased by TIAA-CREF.
Park Lake Apartments is located at 100 Park Lake Circle at
the intersection of Ygnacio Valley and Bancroft Roads, within a short drive of
two Bay Area Rapid Transit System (BART) stations and in close proximity to
downtown Walnut Creek.
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| Nathan Blair |
Situated on 10.5 acres, the community includes 96
one-bedroom and 88 two-bedroom units averaging 876 square feet each. Community amenities include a heated
swimming pool and spa, fitness center and assigned covered parking.
The HFF investment sales team representing the seller was
led by director Nathan Blair, with support from senior real estate
analyst Adam Simon and real estate analyst Michael McDermott.
“The acquisition of Park Lake Apartments is consistent with
our integrated approach to value-add apartment investments,” said Jay
Martha, managing director of North American Real Estate for TIAA-CREF Asset
Management.
Based in San Francisco, Carmel Partners (Carmel) is a
premier, full-service real estate investment firm specializing in multifamily
transactions within the United States.
Founded in 1992, Carmel also has offices in New York, Irvine, Denver,
Seattle, Washington, D.C. and Honolulu.
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| Adam J. Simon |
Carmel is currently pursuing direct value-add apartment properties,
ground-up development, debt investments and joint venture deals in its core
markets of Northern and Southern California, New York, Seattle, Denver,
Washington, D.C. and Hawaii.
TIAA-CREF (www.tiaa-cref.org)
is a national financial services organization with $844 billion in total assets
under management (as of 6/30/2014) and is the leading provider of retirement
services in the academic, research, medical and cultural fields.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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