October 25, 2016
Calabasas, CA-based Marcus & Millichap’s Institutional Property Advisors (IPA) closed the sale of Sonoma Ridge Apartments, a 180-unit apartment community in Santa Rosa, CA for $44.65 million.
Built in 1974 on approximately 17 acres, Sonoma Ridge’s 22 one- and two-story buildings have a mix of one-, two- and three-bedroom apartment homes that average 987 square feet.
IPA’s Stan Jones, Philip Saglimbeni and Salvatore Saglimbeni, represented the seller, Newport Beach, CA-based CORE Realty Holdings Management, and procured the buyer, Walnut Creek, CA-based Bridge Partners.
Jones says, “This type of solid market support, plus strong barriers to entry from growth restrictions imposed by the city of Santa Rosa, helps drive investment appeal for Sonoma Ridge Apartments.”
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