Though Sobrato Development Co. owns and operates over 120 commercial buildings and 3,600 residential units in the Bay Area, the purchases mark the company's first foray into the Southern California real estate market.
According to Kevin Andrade, division partner of Trammell Crow Residential the sales prices are near the record prices paid per sf for non-beachfront rental units in Los Angeles and Ventura Counties.
The 20-acre Alexan Parc Rose community, completed in June 2001, consists of 373 three-story, rental townhouse units with 1-, 2- and 3-bedroom floor plans. The Alexan CityPlace community, completed in August 2001, is a five-story, 214-unit complex with 1-, 2- and 3-bedroom floor plans.
Each property boasts luxury amenities including a clubhouse with a comprehensive fitness center, swimming pool, executive business center with a conference facility and computer work stations. Each unit comes equipped with high-speed Internet access, gas fireplaces, large kitchens with gas appliances, full-size washers and dryers and optional security systems.
The purchases represent Sobrato's diversification strategy to purchase class-A, well-located, multifamily properties throughout the West Coast - providing it with product diversity, geographic diversity and job-based diversity, notes John R. Shenk, senior vice president development and acquisitions, Sobrato Development Co.
Trammell Crow Residential Services will continue to provide on-site management and leasing services at both sites. Less than a year since the grand opening of both communities, Parc Rose and CityPlace are 90% and 85% leased, respectively--showing a high demand for quality, luxury rental homes.
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