Colliers Reports Prime Napa Valley Multi-Family Development Sold to San Diego Investment Firm in $14,075,000 Transaction

Colliers, Napa, San Diego, MG Properties, Trinity Investments, residential real estate news

Bella Vista Pic 2NAPA, Calif. – MG Properties, a San Diego-based real estate investment firm that specializes in multi-family properties, has acquired the prized 72-unit Bella Vista Apartment Homes complex in Napa Valley, officials with Colliers International have reported. The seller was Seattle–based Trinity Investments..

After multiple offers were received, the Napa Valley property sold for $14,075,000, or $195,486 per unit, with a capitalization rate of 5.65 percent. Composed of 11 buildings, the property includes 40 two-bedroom, two-bath units and 32 one-bedroom, one-bath apartment units.

Located at 713 Trancas St., the project has a newly renovated clubhouse and pool and is within walking distance of the city’s main retail shopping area, entertainment complex and mass transit options, noted Colliers Vice President Stephen Jackson, who was part of the three-man team representing the sellers in the transaction. He was joined on the team by Senior Vice President Mark Feldman and Associate Joe Owens, all based in the brokerage firm’s San Francisco office.

“This was an attractive investment on several levels, including the fact that demand for apartments in upscale areas like Napa Valley continues to grow as cost barriers to homeownership remain high, effectively barring many would-be homeowners from purchasing homes,” said Jackson. “That’s why demand is rising along with the number of new construction starts on multi-family projects throughout California and many parts of the nation. It’s also the reason we are seeing a surge in investor interest in multi-family projects on all levels.”

Situated in a park-like setting on 2.9 acres, the complex, built in 1972, recently underwent a major renovation that focused on interior units and community amenities, according to Jackson. The newly renovated units feature formal dining rooms, expansive windows, ceiling fans, private decks, large patios and new in-unit laundry facilities in the property’s  two-bedroom units.

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