By Jon Peterson
Novato-based Blackpoint Management has acquired a 2.26-acre apartment development site in Rohnert Park for $3.6 million, as stated by sources familiar with the transaction. The total square footage of the site is 98,446 square feet.
This project is fully entitled as the City of Rohnert Park approved the development’s site plan and design review in March of this year. The future plans for the site is to construct a total of 90 apartment units, which will be constructed in five three- and four-story buildings. It’s unclear at this time what will be the start and finish date of the project.
The seller of the site was Aldridge Development. It had acquired the land and then took the parcel through the total entitlement process. The listing agent on the sale was the San Francisco office of Cushman & Wakefield. “I think that the location of the property makes it a strong site for new apartment development for a variety of renters and that in a general sense Sonoma County really needs more apartment projects to keep up with the renter demand for housing,” says Jason Parr, a senior director with the Northern California Multifamily Advisory Group for Cushman & Wakefield. He worked on the transaction.
The site is located at 100 and 120 Avram Avenue and 6770 Commerce Blvd. This puts it ¾ of a mile west of the Rohnert Park SMART Train station via the Copeland Creek Trail, a convenient and popular pedestrian and bicycle path. “This location should attract two main types of renters. One would be people who are commuting and like being so close to the SMART train. The other group would be students who are attending Sonoma State University, which is not too far away. Students would be able to ride their bike to school,” said Parr.