{"id":1004114392,"date":"2015-02-26T08:53:51","date_gmt":"2015-02-26T16:53:51","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=329154"},"modified":"2022-12-08T23:54:56","modified_gmt":"2022-12-09T07:54:56","slug":"napa-multifamily-asset-commands-58m-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/napa-multifamily-asset-commands-58m-2\/","title":{"rendered":"Napa Multifamily Asset Commands $58M"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

In a $58 million deal, a joint venture of Security Properties and Intercontinental Real Estate Corp. has acquired Saratoga Downs Apartments, a Class A multifamily asset in Napa. The deal marks the eighth acquisition for Security Properties Multifamily Fund II.<\/p>\n

One of only five \"\"<\/a>Class A assets in Napa, the property features garden-style apartments and newly constructed townhomes. Seth Siegel and Jason Parr of Cushman & Wakefield Inc. arranged the transaction, acting on behalf of both buyer and seller.<\/p>\n

Located about two miles from downtown Napa, Saratoga Downs was developed on land previously occupied by Shevland Ranch, a former horse farm and race track. Its 124 apartments were constructed in 2006, followed by 54 townhomes in 2012. In a reflection of the property\u2019s history, a reconstructed barn serves as its clubhouse and leasing office. Saratoga Downs also neighbors the Napa Yacht Club.<\/p>\n

“The North Bay has been a target market for several years as cap rates are higher and supply is restricted compared to adjacent submarkets,\u201d noted Mark Hoyt, senior director of investments at Security Properties, in a statement. \u201cIt 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

A Napa multifamily property was recently acquired by a joint venture created between Security Properties and Intercontinental Real Estate Corporation. The entity acquired the property in a deal worth $58 million through its Security Properties Multifamily Fund II. This marks the eighth acquisition in the fund. Saratoga Downs Apartments is a Class A property that features garden style apartments and newly constructed townhomes. The transaction was arranged on behalf of both the buyer and seller by Seth Siegel and Jason Parr of Cushman & Wakefield.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1609],"tags":[],"class_list":["post-1004114392","post","type-post","status-publish","format-standard","hentry","category-latest","category-san-francisco"],"acf":[],"yoast_head":"\nNapa Multifamily Asset Commands $58M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/napa-multifamily-asset-commands-58m-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Napa Multifamily Asset Commands $58M\" \/>\n<meta property=\"og:description\" content=\"A Napa multifamily property was recently acquired by a joint venture created between Security Properties and Intercontinental Real Estate Corporation. The entity acquired the property in a deal worth $58 million through its Security Properties Multifamily Fund II. This marks the eighth acquisition in the fund. Saratoga Downs Apartments is a Class A property that features garden style apartments and newly constructed townhomes. 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