Browman Development Snaps Up $47M Napa Valley Asset
The company backed the deal with a $35 million acquisition loan.
Browman Development Co. has purchased Creekside Park I and II, a 188-unit multifamily asset in Napa, Calif., for $47 million from DKD Property Management, according to Yardi Matrix. The buyer landed a $35 million acquisition loan originated by Thrivent, public records show, while Marcus & Millichap brokered the deal for the seller.
Completed in two phases, with the last one being brought online in 1985, the community encompasses one- to three-bedroom floorplans spread among 15 buildings across more than 10 acres. Apartments feature all-electric kitchens, high ceilings, balconies or patios, as well as high ceilings. Select units provide walk-in closets and wood-burning fireplaces. Community amenities include swimming pools, a fitness center, laundry facilities, a sauna, a basketball court and a clubhouse.
Located at 2632 First St., the community is less than 1 mile from California State Route 29, as well as roughly 1 mile away from Napa’s city center. Employers such as Yolano Engineers, Vulcan Materials, Providence Queen and Napa State Hospital are all within 4 miles. River Park Shopping Center, located some 2 miles away, provides residents with access to various retail, entertainment and dining services.
Marcus & Millichap Senior Managing Director of Investments Mitchell Zurich, alongside Executive Managing Director of Investments Kirk Trammell, as well as First Vice Presidents of Investments David Cutler and Joshua Johnson, represented the seller and procured the buyer.
San Francisco Peninsula sale activity
The San Francisco Peninsula has been in line with pre-existing investment trends. In 2023, 12 properties with more than 50 units changed hands in the market, a sharp decrease compared to 2022’s volume of 20 assets, according to Yardi Matrix data. However, 2023’s number of units that changed hands reached 3,925, marking an increase from 2022’s 2,961 units.
Westlake Village, a 2,983-unit community sprawling more than 47 acres in Daly City, Calif., traded in 2023 for $675 million, when Carmel Partners acquired it from Gerson Bakar & Associates. It was the largest recorded sale in the country in 2023, the same data provider shows.
