A private investor has sold a four-property apartment portfolio, totaling 201 units in Rohnert Park, Calif., to a Colorado-based firm, for $41 million. The four Sonoma County properties included in the deal include Atherton, Brewster Ames, Tivoli Gardens and Lancaster Arms.
HFF facilitated the transaction, with Managing Director Scott Bales and Director Peter Yorck representing the seller and procuring the buyer. In October, the team also represented Republic Urban Properties LLC in the $104 million sale of Meridian at Midtown in San Jose, Calif.
“Investors are viewing Rohnert Park as an emerging Sonoma County market with tremendous rental upside,” Bales said. “The new owners saw that potential in this portfolio and plan to immediately undertake extensive capital improvements and unit upgrades, with a goal of repositioning the portfolio and providing best-in-class amenities to compliment the upgraded units.”
Located at 181 Avram Ave., the 31,800-square-foot Atherton Apartments offer 40 one-, two- and three-bedroom units. Community amenities include a pool, a courtyard, a laundry room and a BBQ area. The 27-unit Brewster Ames is located at 7300 Adrian Drive. Originally built in 1969, the property offers both one- and two-bedroom units with balconies. The community is less than three miles from Sonoma State University.
Nearby at 7380 Adrian Drive, the 29-unit Tivoli Gardens offers one-bedroom units, constructed in 1964. The fourth property in the deal was the 105-unit Lancaster Arms, located at 8288 Lancaster Drive, which offers studio and one-bedroom units. Built in 1984, community amenities include a pool and assigned parking.
At the time of the sale, the properties averaged a 97 percent occupancy.
Each of the properties offer convenient access to North Bay employers by use of Highway 101 and the Cotati and Rohnert Park SMART stations. They are also close by numerous retail amenities as well as the future Rohnert Park Station Avenue, a mixed-use project that will encompass 120,000 square feet of retail and dining, 130,000 square feet of creative office, 300 apartment units, 115 for-sale townhomes and a 150-key boutique hotel.
Images courtesy of HFF