SANTA ROSA, Calif., July 5, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Oak Creek Apartments, a 100-unit apartment complex in Santa Rosa, the San Francisco Bay Area’s fifth-largest city. The sales price of $15 million equates to $150,000 per unit and $189 per square foot.
Brad Pennington, a first vice president investments in Marcus & Millichap’s San Francisco office, represented the seller, a closely held limited partnership, and the buyer, a local family partnership.
“Oak Creek Apartments is a pride-of-ownership 100-unit residential condominium project,” says Pennington. “The previous owners acquired the property from the original developers in 1988 and have operated the project as a 100-percent rental community. The new owner saw Oak Creek as an opportunity to acquire a high-quality asset with a strong operating history and several options available for upside creation,” adds Pennington.
Built in 1988, the 79,256-square foot complex is located at 174 South Boas Drive in Santa Rosa’s Rincon Valley neighborhood.
Oak Creek Apartments consists of four parcels of land with 16 two-story wood-frame buildings situated on approximately 8.35 landscaped acres that are fully irrigated by an on-site irrigation well and pump system. The site is slightly rolling, affording many units with outstanding views of the nearby open space and hillsides. In addition to the attractive grounds, other common area amenities include a swimming pool, 24-hour fitness center, basketball court, sauna, community garden, children’s playground and on-site rental office.
The unit mix features 32 one-bedroom/one-bath units, 36 two-bedroom/one-bath apartments and 32 two-bedroom/two-bath units. Twenty-seven units have wood-burning fireplaces.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.