|
|
9/21/15
|
Peachtree Apartments, a 32-unit apartment property located in Napa, recently sold for $6.15 mil ($192k/unit) and $296/sf, a record amount for multifamily property sales in the County, we’re told. The property is located at 2501 West Imola Ave, on the west side of Hwy 29.
The property contains all one-bedroom/one-bath units of approximately 560 sf of interior living with 30 sf of storage and 80 sf of private exterior deck or patio. The fully amenitized units include all electric kitchens with refrigerator/freezers, oven/ranges, microwave ovens, dishwashers and disposals; separate dining areas; large living rooms with a wood-burning fireplaces, full bathrooms, large bedrooms with mirrored wardrobe doors, and double-paned windows throughout. The property was constructed in 1989.
Brad Pennington and John Garrett, investment specialists in Marcus & Millichap’s San Francisco office, represented the seller, a partnership.
“Peachtree was exceptionally well-maintained by the sellers and presented a turn-key asset with immediate rental upside,” said Pennington. “The property generated significant interest from local and regional investors anxious to own in Napa where apartment investments have high rental demand and limited supply.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
