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September 19, 2019
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MULTIFAMILY NEWS
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Bay Area Apartment Complex Purchased for $165 Mil

7/26/19

Brio, a 300-unit multifamily property in Walnut Creek, was acquired by San Mateo-based Essex Property Trust for $165 mil, or $550k/unit. The property is located at 161 N. Civic Drive, north of Ygnacio Valley Rd and east of I-680.

Brio offers a mix of one- and two-bedroom apartment homes with open-concept floor plans enhanced by soaring ceilings, tall windows, quartz countertops, and stainless steel appliances. Units feature central air conditioning, an in-unit washer and dryer, and a private patio or balcony. Common area amenities include a pool, a gym, deck, and a resident wine lounge along with a BBQ area.

Brio was sold by SummerHill Apartment Communities, which built the development in 2015. It was designed by KTGY. Situated steps from downtown Walnut Creek, the project replaced a vacant, functionally-obsolete office building and parking lot with a state-of-the-art energy-efficient residential community.

The development’s alternative transportation amenities include bicycle storage and electric vehicle charging stations. The apartment community's garage is CALGreen certified and includes a 46.5KW system of solar panels on the roof of the garage, motion sensor lighting controls, and two dual electric vehicle (EV) charging stations to accommodate four cars and up to 21 EV charging stations in the future. The apartment community building exceeds California's Title 24 requirements by 15% and includes low VOC finish products and recycled content.





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