Bridge Partners Scoops Up $45M Wine Country Apartments
- Oct 26, 2016
Santa Rosa, Calif.—Sonoma Ridge Apartments, a 180-unit apartment community in Santa Rosa, Calif., has traded for $44.7 million, or about $248,000 per unit. Marcus & Millichap’s Institutional Property Advisors (IPA) facilitated the deal.
Built in 1974 on about 17 acres at 2900 St. Paul Drive, the property is adjacent to the Bennett Valley Golf Course and Annadel State Park. The Bennett Valley Shopping Center is one block away.
Sonoma Ridge’s 22 one- and two-story buildings have a mix of one-, two- and three-bedroom units that average 987 square feet. Common amenities include a resort-style swimming pool, business center, children’s play structure, and a community garden.
“Santa Rosa’s multifamily market experienced 8.1 percent rent growth over the last 12 months and had maintained an average occupancy rate of about 96 percent as of the first quarter,” said Stan Jones, IPA executive director. “This type of solid market support, plus strong barriers to entry, helped drive investment appeal for Sonoma Ridge Apartments.”
Jones, together with IPA executive directors Philip Saglimbeni and Salvatore Saglimbeni, represented the seller, CORE Realty Holdings Management, and procured the buyer, Bridge Partners.
Santa Rosa, which is the seat of Sonoma County in the heart of the region’s wine district, saw significant growth in the 1960s and ’70s, when the apartment community was new. It’s still growing: the population has grown 4.3 percent since 2010, according to the Census Bureau.