FAIRFIELD, CA-In a deal that spotlights the growing value of multifamily assets in the Bay Area, Santa Barbara-based apartment investor Nevins Adams Lewbel Schell spent $52 million, or $178,000 per unit, for the Rolling Oaks Apartments complex in this suburban community 40 miles north of San Francisco.

The unnamed seller is believed to be a Kuwaiti national. Bringing the deal to market was a joint venture of San Diego-based ConAm, a firm that provides third-party management services for apartment owners, and Wafra, an investment management firm owned by the Kuwaiti government, which manages the investments of its citizens internationally. According to company literature, Wafra currently has $4 billion of investment assets under management.

William Huberty and Clint Sholl of the CB Richard Ellis’ San Francisco office, together with Malcomb McComb from the firm’s Atlanta office represented the buyer. The seller was not represented, according to Huberty.