NorCal Apartments Change Hands

Burbank Housing Development purchased the 56-unit Class C community for $15 million. Two lenders facilitated the transaction with acquisition and development financing.
Parkwood

Burbank Housing Development, an affordable housing non-profit organization, has acquired the Parkwood, a 56-unit Class C property in Santa Rosa, Calif. A private investor sold the asset for $15 million, Yardi Matrix shows.

The new owner plans to operate the community as an affordable housing asset for the next 55 years, according to The Press Democrat. National Equity Fund provided $13.5 million in acquisition and development financing, with the City of Santa Rosa originating an additional, $2.4 million subordinate loan.

Located at 6899 Montecito Blvd., the community’s seven buildings are approximately 50 miles from downtown San Francisco, accessible via U.S. Highway 101 or public transportation. Downtown Santa Rosa is 5 miles away, home to over 1.2 million square feet of office space, per data from Yardi Matrix.

Parkwood was constructed in 1978 and contains two-bedroom units, each with 800 square feet. Amenities include two laundry facilities, outside storage and covered resident parking. The property was 100 percent occupied as of December 2018.

In September, R.D. Olson Construction completed work on a new affordable community 15 miles northwest, in Healdsburg. The developer also opened a Hotel Trio, adjacent to the asset.

Image courtesy of Yardi Matrix