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January 23, 2019
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NORTHERN CALIFORNIA NEWS
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Bay Area Multifamily Portfolio Trades in $41 Mil Deal

12/11/18

A four-property, 201-unit multi-housing portfolio in the Sonoma County city of Rohnert Park was acquired by a private investor for $41.05 mil ($204k/unit). The properties were sold by a Colorado-based private investment entity.

The assets in the portfolio are: Atherton, a 40-unit community located at 181 Avram Ave; Brewster Ames, a 27-unit community located at 7300 Adrian Dr; Tivoli Gardens, a 29-unit community located at 7380 Adrian Dr; and Lancaster Arms, a 105-unit community located at 8288 Lancaster Dr. The properties have an average occupancy greater than 97% and provide direct access to major North Bay employers via Highway 101 and the Cotati and Rohnert Park SMART stations.

Tivoli Gardens, Rohnert Park
Tivoli Gardens, Rohnert Park
Additionally, the properties are located near numerous existing retail amenities as well as the future Rohnert Park Station Avenue, a mixed-use project that will encompass 120k sf of retail and dining, 130k sf of creative office, 300 apartment units, 115 for-sale townhomes and a 150-key boutique hotel.

Scott Bales and Peter Yorck with HFF represented the seller in the deal, and also procured the buyer.

"Investors are viewing Rohnert Park as an emerging Sonoma County market with tremendous rental upside," Bales said. "The new owners saw that potential in this portfolio and plan to immediately undertake extensive capital improvements and unit upgrades, with a goal of repositioning the portfolio and providing best-in-class amenities to compliment the upgraded units."





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