Shea Selling Behringer 277-Unit Acacia for $39M

SANTA ROSA, CA-Behringer Harvard has put the 277-unit Acacia apartment complex here under contract for $38.7 million or approximately $139,700 per unit. The seller is Aliso Viejo, CA-based Shea Properties, whose total development cost for the 2003 project was $44 million or approximately $158,000 per unit, according to published reports around the time of completion.

Acacia sits on 11.6 acres at 4656 Quigg Dr. in Santa Rosa. Amenities include a resort-style swimming pool, a fitness center, a playground, a business center and a recreation lounge. Units range in size from 630 square feet to 1,271 square feet while monthly asking rents range from $1,075 to $1,665, according to Shea’s web site for the complex.