Napa Valley Multi-family Development Sold
Colliers Reports Prime Napa Valley Multi-family Development Sold
MG Properties, a San Diego-based real estate investment firm that specializes in multi-family properties, has acquired the prized 72-unit Bella Vista Apartment Homes complex in Napa Valley, officials with Colliers International have reported. The seller was Seattle–based Trinity Investments.
After multiple offers were received, the Napa Valley property sold for $14,075,000 million, or $195,486 per unit, with a capitalization rate of 5.65 percent. Composed of 11 buildings, the property includes 40 two-bedroom, two-bath units and 32 one-bedroom, one-bath apartment units.
Located at 713 Trancas St., the project has a newly renovated clubhouse and pool and is within walking distance of the city’s main retail shopping area, entertainment complex and mass transit options, noted Colliers Vice President Stephen Jackson, who was part of the three-man team representing the two investment firms in the transaction. He was joined on the team by Senior Vice President James Feldman and Associate Joe Owens, all based in the brokerage firm’s San Francisco office.
Situated in a park-like setting on 2.9 acres, the complex, built in 1972, recently underwent a major renovation that focused on interior units and community amenities, according to Jackson. The newly renovated units feature formal dining rooms, expansive windows, ceiling fans, private decks, large patios and new in-unit laundry facilities in the property’s two-bedroom units.