DEAL OF THE DAY: Napa Valley Rental Community Sold for $10.41M
- Apr 11, 2008
By Anuradha Kher, Online News EditorNapa, Calif.–Sperry Van Ness has recently completed the sale of Plaza Del Sol Apartments, a 70-unit apartment community in Napa, Calif., to Seattle-based Trinity Real Estate for $10.41 million. The property is located near Highway 29 on 713 Trancas St.According to the Sperry Van Ness sales team, the sale of Plaza Del Sol was the largest apartment deal in Napa since December 2006.The buyer plans to make interior upgrades to the property including new washer/dryers, new countertops, paint, flooring and appliances. There are also plans for a new sales office and fitness center on the property. Built in 1970, the 12-building property is situated on 2.94 acres of land on a major arterial road through town. The community is directly across the street from the largest hospital in Napa Valley, and is near major retail stores including Whole Foods, Target and Trader Joe’s.The unit mix includes 40 two-bedroom/one-bathroom units and 30 one-bedroom/one-bathroom units with monthly rents ranging from $950 to $1,150. Plaza De Sol was 97 percent occupied at the close of escrow.