Thursday, October 29, 2009

$52M Apartment Complex Sold in Petaluma, CA by Marcus & Millichap

PETALUMA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold the 492-unit Lakeville Resort  (top left photo) in Petaluma for $52 million. The sales price represents $105,691 per unit.

Stanford Jones, an executive vice president investments and senior director of Marcus & Millichap’s National Multi Housing Group in Palo Alto, and associate vice presidents investments Phil Saglimbeni and Sal Saglimbeni, also in the Palo Alto office, represented the seller, Equity Residential. Marcus & Millichap also represented the buyer, Abacus Capital Group.

“Pricing has been redefined over the past nine months to levels that are significantly below their peaks. Supported by compelling agency financing, the result is a rare opportunity to acquire assets in supply constrained markets with positive leverage,” says Jones.

“The new owner of Lakeville Resort has acquired a value-added, urban infill multifamily complex with the potential to generate a healthy income stream on a long-term basis,” says Phil Saglimbeni.

“In spite of the challenging economic environment, investors remain interested in well-located apartment assets in locations markets supported by strong fundamentals,” adds Phil Saglimbeni. “Institutional sales activity increased in the second and third quarters of 2009, a trend we expect to continue moving into 2010.”

The 461,798-square foot Lakeview Resort apartment complex at 1 Lakeview Circle is located in the southern portion of Sonoma County’s world-renowned wine country. The property is near U.S. Highway 101 and State Route 116, which provide easy access to employment centers in San Francisco, the North Bay and East Bay.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716

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