SAN FRANCISCO, CA – December 6, 2018 – HFF announces the $41.05 million sale of a four-property multi-housing portfolio totaling 201 units in the Sonoma County community of Rohnert Park, California.
The HFF team marketed the property on behalf of a private investor, and procured the buyer, a private Colorado-based firm.
The assets in the portfolio are: Atherton, a 40-unit community located at 181 Avram Avenue; Brewster Ames, a 27-unit community located at 7300 Adrian Drive; Tivoli Gardens, a 29-unit community located at 7380 Adrian Drive; and Lancaster Arms, a 105-unit community located at 8288 Lancaster Drive. The properties have an average occupancy greater than 97 percent and provide direct access to major North Bay employers via Highway 101 and the Cotati and Rohnert Park SMART stations. Additionally, the properties are located near numerous existing retail amenities as well as the future Rohnert Park Station Avenue, a mixed-use project that will encompass 120,000 square feet of retail and dining, 130,000 square feet of creative office, 300 apartment units, 115 for-sale townhomes and a 150-key boutique hotel.
The HFF investment advisory team representing the seller included managing director Scott Bales and director Peter Yorck.
"Investors are viewing Rohnert Park as an emerging Sonoma County market with tremendous rental upside," Bales said. "The new owners saw that potential in this portfolio and plan to immediately undertake extensive capital improvements and unit upgrades, with a goal of repositioning the portfolio and providing best-in-class amenities to compliment the upgraded units."