(To read more on the multifamily market, click here.)
NAPA, CA-The newest apartment complex in the Napa Valley has changed hands for $45 million. An affiliate of Emeryville, CA-based BayRock Residential sold the 200-unit Montrachet Apartment Homes to an institutional client of JP Morgan Real Estate.
The luxury property is located at 3200 Soscol Ave. in north Napa and was completed in 2004. Unit amenities include large kitchens, granite countertops, full-size washer and dryer and walk-in closets. The average unit size is 876 sf and the average rent is $1,507 per month. Common-area amenities include a clubhouse with a wine cellar for residents' use, a heated pool and sundeck, fitness center and garage parking.
A source related to the seller tells GlobeSt.com that occupancy at the time of sale was 90%. Curtis Gardner and Craig Chiappone of Arroyo & Coates' apartment division had the disposition assignment. Gardner was unavailable Thursday for comment.
Formed in 2000, BayRock is a developer of luxuty multifamily properties. According to the company's Web site, it owns six properties and has five under development. The company's founding partners are Stuart Gruendl and Thomas deRegt.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
