SANTA ROSA -- Oak Creek Apartments, a 100-unit complex in Santa Rosa, sold for $15 million.
Santa Rosa-based Woodhill, LP, sold the property to San Francisco-based First Class Oak Creek Apartments, LP, on June 28 for the equivalent of $150,000 per unit or $189 a square foot.
"The previous owners acquired the property from the original developers in 1988 and have operated the project as a 100 percent rental community," said deal broker Brad Pennington, a first vice president for investments in Marcus & Millichap’s San Francisco office. "The new owner saw Oak Creek as an opportunity to acquire a high-quality asset with a strong operating history and several options available for upside creation."
Built in 1988, the 79,256-square-foot complex is located at 174 S. Boas Dr. in the east Santa Rosa neighborhood of Rincon Valley.
Oak Creek has 16 two-story wood-frame buildings on four parcels of land with 8.35 acres of landscaping irrigated by an on-site well. Other common area amenities include a swimming pool, 24-hour fitness center, basketball court, sauna, community garden, playground and on-site rental office.
The unit mix features 32 one-bedroom, one-bath units; 36 two-bedroom, one-bath apartments; and 32 two-bedroom, two-bath units. Twenty-seven units have wood-burning fireplaces.