168 Vacaville apartments sell for $19M

A Southern California-based investor purchased the 168-unit Canyon Creek Apartments complex in Vacaville for $19 million, or $113,095 per dwelling.

Courtyard Village, LLC, purchased the 11.07-acre property from East Bay-based 159 Aegean Way Apartments, LLC, according to Colliers International, which brokered both sides of the recent deal. The garden-style complex was built in 1979 and is located at 159 Aegean Way, a half-mile from Interstate 80.

The buyer is affiliated with Prosperity Properties, a Calabasas-based investor and manager of office, retail and multifamily properties for the Griffin family, according to public records. The seller had bought the complex in April 1997 for $7.5 million and refinanced it in September 2007 for $12 million, documents showed.

The property had been listed for $23 million in 2008 in past marketing materials.

Brokering the sale were Phil Garrett, executive managing director of Colliers’ Fairfield office, and Brett Johnson of Colliers’ Multi-Family Investment Group.