SANTA ROSA, CA – Marcus & Millichap announced its Institutional Property Advisors (IPA) division has closed the sale of Sonoma Ridge Apartments, a 180-unit apartment community in Santa Rosa, California. The $44,650,000 million sales price equates to $248,056 per unit.

“Santa Rosa’s multifamily market experienced 8.1 percent rent growth over the last 12 months and had maintained an average occupancy rate of approximately 96 percent as of the first quarter,” said Stan Jones IPA executive director. “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.”

Jones, together with IPA executive directors Philip Saglimbeni and Salvatore Saglimbeni, represented the seller, CORE Realty Holdings Management, and procured the buyer, Bridge Partners.

“Strong rental demand presents new ownership with an exceptional value-add opportunity through the renovation of unit interiors and enhancements to common area amenities,” added Philip Saglimbeni. “Unit interiors have been largely untouched since a previous renovation about 10 years ago.”

Built in 1974 on approximately 17 acres at 2900 St. Paul Drive in Santa Rosa, the property is adjacent to the Bennett Valley Golf Course and Annadel State Park. The Bennett Valley Shopping Center is one block away and the Whole Foods-anchored Mayette Village Shopping Center is 1.5 miles north.

Sonoma Ridge’s 22 one- and two-tale buildings have a mix of one-, two- and three-bedroom apartment homes that average 987 square feet. Interiors feature oversized living rooms, large patios or balconies and double-paned windows. Community amenities include a resort-style swimming pool, business center, children’s play structure, and a community garden.

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IRVING, TX – Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it provided a $19.2 million Fannie Mae loan to finance the acquisition of a multifamily property located in Irving, Texas.

Ladera Ranch Apartments is a garden-style multifamily complex comprised of 24, two-tale residential buildings, plus a standalone leasing office with a total of 280 units.  The borrower is Aldwin Apartments, and its managers are John Whitman and Seth Weinroth.

“John and Seth are not only repeat Fannie Mae clients, but they are return Hunt Mortgage Group sponsors,” clarified Vic Clark, Managing Director with Hunt Mortgage Group. “We have been working together for nearly 20 years and value this long-term relationship immensely.”

The term of the loan is 12-years with 3-years of interest only, followed by a 30-year amortization schedule.  Built in 1983, the property was previously known as Wind Tree Apartments.

“In 2014, the seller invested approximately $1.6 million in exterior improvements to the property, including a full clubhouse renovation and new exterior siding and painting,” added Colin Cross, Vice President at Hunt Mortgage Group, who managed the transaction. Cross noted, “The borrower plans to continue to improve the property by implementing interior renovation.  The property is in excellent condition and offers superior curb appeal. We were pleased to facilitate this acquisition for such a quality repeat sponsor.” 

Common area amenities include:  two in-ground swimming pools, a tennis court, two laundry facilities and a playground.

Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States.  The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, hospitality, industrial, and self-storage facilities. 

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DALLAS, TX – North Texas-based management company, Civitas Senior Living, announced that it is taking over the management agreement of Acadia Estates, an helped living community located in Farmer’s Branch.

The transition includes Acadia’s 70 existing apartments and 16 new memory care residences that are currently undergoing construction.

“Acadia is our first community in Farmer’s Branch,” said Wayne Powell, Civitas President and Fort Worth-native, whose company also recently announced the addition of Grapevine’s Dancing River senior living community. “We’re excited at the opportunity to expand the passionate care, empathy and expertise that has brought so much joy and comfort to our North Texas residents and their loved ones.”

The addition of Acadia’s 86 living units adds to a growing portfolio for Civitas, quick-emerging as a regional leader in the helped living industry. The company now manages more than 25 senior living communities nationwide.

Acadia Estates is located at 3344 Forest Lane in Farmer’s Branch.

Civitas Senior Living is a Fort Worth, Texas-based management company that specializes in development, acquisitions, operational management, and consulting for senior housing properties, including helped living, retirement centers, and independent senior living properties.

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