Walnut Creek Firm Acquires 232-Unit Central Valley Property

WALNUT CREEK, CA — A Walnut Creek firm announced Monday it has acquired a 232-unit Central Valley apartment complex.

Sequoia Equities purchased Larkspur Woods, a garden-style apartment community located in the Natomas community of northwestern Sacramento.

The deal follows a steady increase in suburban property values in much of the country as metropolitan areas appear to have lost their much of their luster during the coronavirus crisis amid the proliferation of remote work.

Massive cuts looming to public transportation systems that are the lifeblood of urban life figure to accelerate that trend.

According to data compiled by Hire A Helper, people have been leaving cities growing numbers amid the pandemic, with some of the nation’s the priciest markets being hit the hardest.

San Francisco and New York have seen 80 percent more people leave than move in. Los Angeles saw a 70 percent disparity in that department.

Terms of the deal were not disclosed.

Longtime New York City resident Ian Group cited affordability and open space among the factors for his decision to take the suburban plunge earlier this year in a CNN interview.

"I love going downstairs to my favorite smoothie place, taking my son to Central Park," Group said. "But the biggest driver for me is being where we can have it all. A good quality of life, space, affordability. Once Covid hit, we knew we didn't want to be in the city anymore."

Sequoia did not disclose terms of the deal.

“Given the recent performance of its submarket, direct access one and two-car private garages, and large floorplan sizes, this community adds exceptional value for our investors and will exceed the expectation of today’s renter,” the company said in a news release.