Vallejo, CA — Today, Newmark announced it has completed the sale of The Meritage, a 156-unit multifamily community located at 56 Valle Vista Avenue in Vallejo, California. The sale price was $45,500,000 ($291,667 per unit). The buyer was Bridge Investment Group headquartered in Salt Lake City, UT, and the seller was Piedmont Properties Group, based in San Francisco, California.
Originally built in 1987, The Meritage consists of 11 residential buildings on a 7.17-acre site and features a unit mix consisting of 76 1×1 units and 80 2×2 units. Common area amenities include a leasing office with a kitchen, business center, pool and spa, fitness center, package lockers, covered parking, and controlled access. The Meritage is ideally situated just 24 miles northeast of San Francisco and 12 miles south of Napa providing residents with excellent commuter access throughout the Bay Area.
“The Meritage presented buyers with an opportunity to realize substantial rent increases through the continuation of a proven value-add renovation program in one the highest growth submarkets in the Bay Area,” said Ian O’Connor, Director at Newmark. “As the cost of single-family housing continues to skyrocket in the East Bay, more and more renters are seeking highly-amenitized, luxury apartment communities like The Meritage.”
O’Connor adds that “Solano County has been one of the primary beneficiaries of spillover from residents being priced out of San Francisco and the East Bay seeking more space and a lower cost of living. This has been a trend over the past several years, however the pandemic has certainly accelerated this trend.”
The Newmark team, led by Executive Managing Director Mark Leary, Director Ian O’Connor, Senior Managing Director Nate Oleson, and Director Rob LeDoux, served as the exclusive advisors on the transaction. To schedule an interview with a Newmark executive regarding this transaction, or for more information about Newmark, contact Ian O’Connor at email@example.com or (805) 801-0785.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.