CP II Park Lake, LLC Acquires 184 Units in Walnut Creek, CA for Condominium Conversion
July 11, 2006

WALNUT CREEK, CA - Arroyo & Coates announced today that it acted as advisor to Park Lake Apartments LP in the $51,100,000 disposition of Park Lake Condominiums in Walnut Creek, CA. The property was acquired by CP II Park Lake, LLC. The 184 unit property was delivered with an approved Final Subdivision Public Report from the California Department of Real Estate.

Originally constructed in 1980, Park Lake is located at the intersection of Ygnacio Valley Road and Walnut Avenue in Walnut Creek. The community comprises 23 buildings of one and two bedroom units that average more than 800 square feet.

David Silver and Nathan Blair of Arroyo & Coates represented the Seller in the transaction; the Buyer acted on its own behalf. David Silver is a Senior Sales Associate at Arroyo & Coates in San Francisco, California. In the past 3 years, David and his team have participated in approximately 1 Billion dollars of California investment property transactions. Arroyo & Coates is one of California’s leading real estate brokerages. Specializing in the sale of income properties, Arroyo and Coates provides a wide range of commercial real estate brokerage services for corporate and private investors throughout California and the West.