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11/19/14
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San Diego-based MG Properties has acquired Bella Vista Apartment Homes, a 72-unit residential complex in the Bay Area city of Napa. The property was sold by Seattle–based Trinity Investments for $14.075 mil, or $195.5k/unit, at a cap rate of 5.65%.
Built in 1972, Bella Vista Apartment Homes is situated at 713 Trancas St on a park-like setting covering 2.9 acres. Composed of 11 buildings, the property includes 40 two-bedroom/two-bath units and 32 one-bedroom/one-bath apartment units. It has a newly renovated clubhouse and pool, and is within walking distance of the city’s main retail shopping area, entertainment complex and mass transit options.
The complex recently underwent a major renovation that focused on interior units and community amenities. The newly renovated units feature formal dining rooms, expansive windows, ceiling fans, private decks, large patios and new in-unit laundry facilities in the property’s two-bedroom units.
Colliers Vice President Stephen Jackson, Senior Vice President Mark Feldman and Associate Joe Owens, all based in the brokerage firm’s San Francisco office, made up the three-man team representing the seller in the transaction.
“This was an attractive investment on several levels, including the fact that demand for apartments in upscale areas like Napa Valley continues to grow as cost barriers to homeownership remain high, effectively barring many would-be homeowners from purchasing homes,” noted Jackson.
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