Cumberland Holdings announced the acquisition of the 32 unit Enclave Apartments in Walnut Creek, California on January 31, 2012.
​
Enclave is located in the heart of Walnut Creek, one of the East Bay’s primary hubs for culture and commerce. The area is known locally for combining a suburban atmosphere with a bustling downtown, making Walnut Creek an idyllic place to live and work.
​
The purchase was capitalized with private equity and a mortgage of $3,000,000 arranged by HFF and Capital Source.
​
The property, formerly known as Evergreen Apartments, was renamed Enclave Apartments on N Main Street with a comprehensive re-branding strategy focused on internet marketing. Enhancements included: new landscaping, exterior building upgrades, signage, and unit renovations.
 
In April 2014, Enclave Apartments was sold for $7.3M. Enclave's strong location and strategic value add plan generated significant rent growth from $1,075/unit to $1,595/unit. Over the 26 month ownership period, Cumberland's investors received a 170% return resulting in a 39% IRR.