As a resident of Walnut Creek, I am sad to say that the following apartment complexes (while warmly named) are not on my favorites list as of today. They are Brio (300 units), Lyric (140 units) Arroyo (100 units), and Accent (126 units). Combined, 666 apartment units are changing the landscape of Walnut Creek when there is a strong demand for condos.
Consider this, in the last 90 days 29 condos / town homes sold over 20 single home properties. The average cost, per square foot, for a condo is $650! Besides simply being upset that the property value is there but being turned into apartment units, I know the investors who created these units will eventually circle back and recoup their money. These units will be turned into condos, in fact- they are built to condo code. So, aside from the Bureau of Real Estate knowing that these “apartments” will eventually be turned into condos – when someone other than the builder can fund an HOA- there is the headache of lifestyle quality that may go down in Walnut Creek because of the added number of apartments.
Consider this, our small Walnut Creek will succumb to more traffic, more drain on the water supply, and -statistically speaking- more crime. The massive size of the development is a concern. Renting apartments is not a long-term commitment. While I hope most of the renters transition to a home locally, the truth is most will not. By living here temporarily, they dive up congestion, the cost of gas, and will start to strain the lines at the grocery store, utility companies, and take up more of our lovely space and resources. And then they move out and new renters move in. The sense of community can dwindle with each and every newly signed lease.
The school districts will likely become less personalized when it comes to teacher-and-child education, which is a concern. We don’t want overcrowding to be an issue. And while you may think, “Sam, if these units were condos the same issues will still exist.” True, but on a different level. The turnover of renters and the changing landscape of our community wouldn’t. The money earned from employment would likely be spent locally, where renters tend to turn over every two years and their money leaves with them- which also can disrupt the school district. Plus the HOA would have more ability to maintain the properties (upgrade wise) than an apartment investor may want to part with.
My point is that these over-sized apartment lots shouldn’t be housing parking lots. The city should have invested more time in making the development’s investors seek to make the apartments condos, set-up an HOA, and force people to have roots within the city, not just a place to stay….