A multifamily property located in the heart of the north bay city of Napa has been sold to a new owner. The Bay Area Multifamily Group of Colliers International represented the seller and procured the buyer in the sale of Bella Vista apartments, a 72-unit property located in Napa. The property sold for $21.2 Million Dollars, the property set a record for the highest price per foot ever paid for a multifamily asset in Napa at $350 per square foot.
A private Bay Area investment company bought the property at 713 Trancas Street from San Diego-based MG Properties, and has plans for a modest renovation. MG had purchased the property originally in 2014 when Colliers also handled the sale.
The existing two-story property includes approximately 60,000 total square feet and 72 total units in a well-maintained garden style complex. Approximately half of the units have in-unit laundry and all units offer large patios and balconies. The well-amenitized property features an updated leasing office and resident lounge, as well as a large pool terrace with barbecue areas. The property interiors remain in mostly original condition providing the opportunity for an interior modernization program to bring the property more in line with the local competitive set.
The property is located across the street from Queen of the Valley Medical Center – Napa County’s third largest employers, and sits prominently on Trancas street, a few blocks from Whole Foods, Trader Joes and various other retail amenities. The property is commuting distance from multiple employment centers in the Bay Area.
Brokers Ryan Wagner and Brandon Geraldo of Colliers International represented the seller and procured the buyer in the deal. They lead the Bay Area Multifamily Group of Colliers International along with Kalah Espinoza and Matt Flaherty. In the second quarter of 2019, the Bay Area Multifamily team of Colliers International has sold or is actively engaged in over $175M in multifamily properties throughout the greater Bay Area, representing approximately 30% market share in assets valued between ten and thirty million dollars.