Cush & Wake Closes Sonoma County Residential Development Sale
- Aug 16, 2017
Blackpoint Management purchased a fully entitled site approved for a 98,446-square-foot multifamily development in Rohnert Park, Calif. Cushman & Wakefield advised Aldridge Development on the $3.6 million transaction. Jason Parr, senior director of Cushman & Wakefield’s Northern California multifamily advisory group, led the sale of Avram House.
Located at 100 & 120 Avram Ave. and 6770 Commerce Blvd., the project received site plan and design review approval from the city of Rohnert Park earlier in March. The five-building development designed by EID Architects has been approved for 90 Class A market rate units, including seven below market rate units. The three- and four-story buildings will feature studio, one-, two- and three-bedroom residences. The community will also include a combination of surface and tuck-under parking garages in an eco-functional design implementing environmentally sustainable elements and modern construction methods.
The 2.3-acre lot is directly adjacent to City Hall and within walking distance to retail amenities and John Reed Elementary School. The property is located just off State Route 101 and less than a mile west of the Rohnert Park SMART station via the Copeland Creek Trail, a convenient and popular pedestrian and bicycle path. The community is less than two miles from Sonoma State University.
“This uniquely modern asset is a state-of-the-art development and a positive sign for multifamily development projects here. Looking ahead, we believe commuting to San Francisco from the North Bay will become a viable option once again and this effect is expected to increase renter demand in Marin and Sonoma County communities, especially those along the Sonoma-Marin Area Rail Transit (SMART) line such as Rohnert Park,” said Parr in prepared remarks. The community is 50 miles north of San Francisco in Sonoma County.
Rohnert Park has an unemployment rate of 3.8 percent and a residential vacancy rate of 4.5 percent, according to Cushman & Wakefield. After several years of heightened growth, San Francisco multifamily rents have tempered, down 0.5 percent year-over-year through May, according to the latest Yardi Matrix report.
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Image courtesy of Cushman & Wakefield