W
aymark, a 358‑unit apartment complex at 101 Pringle Ave near Walnut Creek’s BART station, was sold on Aug. 29 for $190 million to Acacia Capital, a San Mateo‑based investment firm. The price is 15.1 % below the Contra Costa County Assessor’s latest estimate of $223.8 million, underscoring a broader decline in multifamily values in the region. Acacia secured a $118.5 million loan from CBRE Multifamily Capital, which was subsequently transferred to Fannie Mae.

    The property was originally developed by Blake Griggs Properties and Transit Village Associates as part of a transit‑oriented village. BART sold the site in 2019 for about $23.3 million; the developers obtained a $127.2 million construction loan and completed construction in 2022. Waymark is the first phase of a planned 596‑unit village, though the next phase’s timeline remains unclear.

    Recent sales of East Bay apartments suggest a weakening market in Alameda County, though pockets of resilience persist in Contra Costa. Falling property values can erode tax revenue for cities, counties, regional agencies, and schools.

    “Waymark is proving to be the model of the transit‑oriented development we envisioned,” said Brad Griggs, managing partner of Blake Griggs Properties, at the 2023 opening ceremony.