SUISUN CITY, Calif., – April 13, 2022 – Cushman & Wakefield announced the firm has brokered the sale of ReNew on Sunset, a 224-unit apartment community located in the city of Suisun City (Solano County), California. Bridge Investment Group, a leading, vertically integrated real estate investment manager based in Salt Lake City, acquired the San Francisco North Bay Area property from FPA Multifamily for $72 million or approximately $321,430 per unit.
Jason Parr, Scott MacDonald, John Hansen, Michael Bissada, and Sydney Ladrech with Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the transaction.
“ReNew on Sunset is a quality multifamily community that is well-positioned with 98% occupancy and strategically located in the North Bay Area offering convenient access to major employment, freeways, amenities, and many nearby destinations from San Francisco to Napa Valley to Lake Tahoe and more,” said Jason Parr, Executive Managing Director. “This is one of the premier multifamily communities in the Fairfield-Suisun City area.”
Parr continued, “Suisun City’s relative affordability continues to attract high-income residents priced out of the East Bay Area, fueling strong rent growth the last several years while maintaining a robust occupancy level. Looking ahead, Fairfield-Suisun City is anticipated to see some of the nation’s top rental rate growth for the long-term.”
Located at 831 Pintail Dr., ReNew on Sunset is situated on over 10 acres and consists of 68 one-bedroom/one-bathroom units, and 136 two-bedroom/one-bathroom units, and 20 two-bedroom/two-bathroom units. During its ownership, FPA invested more than $3 million, or $13,500 per unit, in newly completed capital improvements since June 2019, which includes the renovation of 87 units, deck and balcony upgrades, a leasing office transformation, substantial exterior work, and more.
ReNew on Sunset features high-quality unit interiors with in-suite washer/dryers and attractive amenities including a pool/spa, fitness center, barbecue/picnic area, pet spa, controlled access, and covered parking.
In November 2021, Cushman & Wakefield also announced the firm had represented FPA Multifamily in the dispositional sale of ReNew Carmichael in the proximate Sacramento area.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.