NAPA, CA—Intercontinental Real Estate Corporation a national real estate investment, development, and management firm headquartered in Boston has acquired Saratoga Downs Apartments in Napa, CA. This acquisition was led by Jessica Levin, director of acquisitions and Allen Logue, associate director of acquisitions.
Intercontinental acquired the property in a joint venture with Seattle-based Security Properties. Intercontinental Real Estate tells GlobeSt.com that the purchase amount was $58.5 million. We have also learned that Seth Siegel and Jason Parr of Cushman & Wakefield were the listing brokers for the property.
As GlobeSt.com reported in 2013, Ridge Capital Investors LLC and Redwood Real Estate Partners acquired the 124-unit apartment community along with Sheveland Ranch Townhomes for a combined price of $39.5 million.
Levin notes that “Saratoga Downs presents an opportunity to invest in a class A apartment and townhome community in the supply constrained Napa market. We believe the appealing unit mix featuring 54 larger recently constructed townhome units combined with the neighborhood's strong demographic profile, nearby retail amenities and employment centers makes Saratoga Downs a great long term investment for our investors.”
According to Mark Hoyt, senior director of investments at Security Properties, several factors prompted the pursuit of this asset.
“The North Bay has been a target market for several years as cap rates are higher and supply is restricted compared to adjacent submarkets. It is extremely difficult to build new product in Napa evidenced by the fact only two market rate apartment properties have been delivered in the past decade with two more projected to be delivered in the next decade. The quality of the property is excellent and we are proud to include it in our portfolio.”
Saratoga Downs Apartments is a class A apartment community with 124 garden style apartments and 54 newly constructed townhomes. The property is located conveniently off of Highway 29 with quick access to Highway 12, Interstate 80, and Highway 101, offering a short commute for residents working in both the Napa Valley and Greater San Francisco Bay Area. Community amenities include a new clubhouse, state-of-the-art fitness center, barbeque and picnic area, playground, gazebo, bocce ball courts, fire pit, lounge and outdoor kitchen. Units consists of one-, two-, three- and four-bedroom floorplans as well as detached townhome configurations. The apartments include in unit washer/dryer, balcony, granite countertops, walk-in closets, and garages or covered parking.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
