One of the biggest residential neighbourhood in Sonoma County, California, Enclave at Adobe Creek, an apartment complex is recently sold for about $68 million. A California based investment company, KW G&I Petaluma, acquired the 492-unit apartment complex from AMFP QVT Enclave, who bought the multifamily property in 2009 for $52 million.
Inline with multifamily property acquisitions in California, a 402-apartment complex in Garden Grove, is recently purchased by MG Properties Group and Phoenix Realty Group for $53-million. The multifamily property offers one-and-two-bedroom studios and units.
The sales of the apartment complex were recorded Monday, February 21, 2011. The property is said to be previously called as Lakeville Resort Apartments, which is 97 percent leased.
The apartment complex, located approximately 20 miles north of San Francisco in the city of Petaluma offers 1, 2, & 3 bedrooms apartments for rent, which is also situated near freeways, shopping, restaurants, schools and Kaiser.
AMFP QVT Enclave had made about $16 million profit for the transaction.
According to one of the brokers for the previous owner, the multifamily industry is getting more and more stabilized compared to other sectors, which resulted to continuous price increase across the United States.
Vice President at Abacus Capital Group, the multifamily advisor for AMFP QVT that is based in New York, Greg Lyden said, better collections and higher rates have lifted property returns in January for about 17 percent higher compared in October 2009.
The new owner, upon acquiring the apartment complex invested $2 million for deferred maintenance, rebranding, and for undertaking capital-improvement development — including clubhouse renovation, interior designs, and others.