183-Unit Vacaville Apartment Community Sells for $16.9MM

Walnut Creek, Alamo Garden Apartments, Colliers International, ROEM Development Corporation, Bay Area, San Francisco

Walnut Creek, CA, August 11, 2017 — Colliers International announced today that it has brokered one of the largest multifamily transactions in Vacaville, CA with the sale of Alamo Garden Apartments, a 183-unit, gardenstyle apartment community. The property, built in 1965, sold for $16,900,000, or $92,349 per unit making it one of the largest single multifamily transactions in the City of Vacaville. Colliers International Senior Vice President, Rich Martini, based in the brokerage firm’s Walnut Creek office, represented the buyer, ROEM Development Corporation in the off-market transaction. The private party seller, who purchased the property in 2001 was represented by Chad Elkin of Chad Mitchell Associates in San Francisco.

“Alamo Garden was an ideal property for ROEM to acquire, as it offered the necessary economic and market characteristics needed for ROEM to execute their acquisition rehab strategy,” said Martini. “The size and unit mix of the property were also ideal, and will provide an excellent opportunity for ROEM to reposition the asset and create value through a complete rehab of the unit interiors, as well as making exterior capital improvements”.

“The acquisition of Alamo Garden Apartments serves as a perfect example of how the LIHTC program along with other sources, can be utilized to immediately impact the housing needs in a community. Beyond providing affordable housing, our efforts will lead to a transformation that will provide a level of resources and access to amenities that the community needs and deserves.” said Stephen Emami, Vice President of Marketing and Development for ROEM Development Corporation.

Encompassing 29 single-story buildings, the 183-unit Alamo Garden community is situated on +-9.06 acres. The unit mix with a majority of 2 bedroom / 1 bath units includes 68 – 1 bedroom / 1 bath, 110 – 2 bedroom / 1 bath and 5 – 3 bedroom / 1.5/2 bath units. Plenty of surface parking is available, and includes 228 spaces with a parking ratio of 1.24 spaces/unit.

About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture an
significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.

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