202 Sonoma County apartments sell for $42M

Two Rohnert Park apartment complexes with 202 total units have sold for $42.5 million.

Creekview Place North at 333 Enterprise Drive and Creekview Place South at 400 Santa Alicia Drive sold on March 2 to AMFP IV Creekview, LLC, by RP Apt Investments, LLC, according to public records. The north property sold for $21.14 million, or $209,349 a unit, and the south for $21.55 million, or $211,443 a unit.

AMFP is an investment fund managed by New York-based Abacus Capital Group, LLC. RP Apt Investments is managed by Los Angeles-based Oak Creek Properties.

Occupancy of the complexes was in the 90 percent range at the time of the sale, according to Jeff Remillard, who oversees West Coast investments for Abacus. Improvements to the properties are planned, but details aren't finalized, he said in an email.

The Creekview properties were built in 1978 and 1981, and rents average $1,635 a month, according to Cushman & Wakefield.

The Abacus portfolio includes another North Bay multifamily property, Verdant at Green Valley in Fairfield. It is a 286-unit class A apartment complex at 3900 Business Center Drive.

The Oak Creek entity had purchased the Creekview properties in September 2013 for $22.9 million, the company announced at the time.

Brokering the Rohnert Park transaction last month were Scott Bayles and Peter Yorck of HFF.

Jeff Quackenbush (jquackenbush@busjrnl.com, 707-521-4256) covers the wine business, construction and real estate.