[caption id="attachment_24949" align="alignleft" width="314" caption="Napa Garden Apartments (Cassidy Turley BT Commercial photo)"][/caption]
NAPA -- A San Francisco-based multifamily property investor acquired the 162-unit Napa Garden Apartments complex in west Napa in a deal valued at $14.8 million.
Robert Imhoff, operating as Napa Gardens LLC, acquired the 8.31-acre property at 2513 Lauel St. on Sept. 2 from a group led by mall, hotel and multifamily property owner 3D Investments LLC of Los Angeles, according to public records and property marketing materials.
Mr. Imhoff's Landmark Realty manages dozens of rental-housing properties in the Bay Area and Hawaii.
The Napa Garden Apartments purchase involved the assumption of a Fannie Mae loan from September 2008, when the property was refinanced for $12.1 million at 6.12 percent interest through August 2018.
The loan assumption was key to a lower loan-to-price ratio, according to Cassidy Turley BT Commercial brokers Ric Russell and Scott MacDonald, who represented 3D Investments in the sale.
The wood-framed structures were built between 1971 and 1976. They include 22 multifamily structures, six triplexes and a single-family home.
The 3D Investments group purchased the property in March 2007.