492-Lakeville Resort Apts. Trade for $52M

PETALUMA, CA-Lakeville Resort at Petaluma, a 492-unit apartment complex here, is changing hands for $52 million, according to the brokerage firm in the deal, Marcus & Millichap Real Estate Investment Services. The new owner is Abacus Capital Group, a NYC-based firm that invests on behalf of institutions, according to acquisition lender Holliday Fenoglio Fowler. The seller was Equity Residential, an apartment REIT. The purchase price translates to $105,691 per unit and $112.60 per rentable square foot, according to M&M.

The 461,798-square-foot Lakeville Resort was built in 1984 on 32 acres at 1 Lakeview Circle, near US Highway 101 and State Route 116. Occupancy at the time of sale was approximately 95%. The name has been changed to Enclave at Adobe Creek.

Equity Residential’s initial investment in the resort was $27 million in 1996, according to SEC filings. Its total investment as of the start of 2009 was $32 million, not accounting for $13 million in accumulated depreciation.