One of the largest infill development sites in Downtown Walnut Creek. BayRock is actively participating in the public process regarding the new North Downtown Specific Plan. The Plan will allow for a premier, Mixed Use Development on the site in the future. Currently, the property is leased to the State Department of Motor Vehicles. BayRock purchased the site utilizing its high net worth investor partners, in June 2018. The opportunity represents BayRock’s third investment in Walnut Creek during this economic cycle.
At the time of purchase in 2018, the property had an underlying “by-right” density of 78 units. BayRock conducted a two year entitlement process resulting in a Plan density of 141 units. In the Summer of 2022, BayRock successfully executed a sale of this fully-entitled site to a prominent, California-based, vertically-integrated Pension fund Manager/Owner/Developer. The price represented an IRR exceeding 22% to BayRock and its investors.
Site Data: 1.5+- acres; Leased to Department of Motor Vehicles; heart of North Downtown Specific Plan
BayRock’s Role: Co-Managing Member of Owner/Developer