ARA Newmark Closes Several Multifamily Deals In Solano County
ARA Newmark has had a very busy year in Solano County. Rising rents in the county sparked investment interest and the firm closed several multifamily sales this year. Average asking rents in Solano County increased over 23% during the past two years with occupancy rates at 94%. Comparatively, rents in Alameda and Contra Costa counties increased 15% and 17%, respectively, during the same time frame.
"As the urban core markets push against all-time high rental rates, the surrounding markets like those in Solano County continue to experience a high growth trajectory," said ARA Newmark senior managing director Anthony Pappageorge. "Tenants and private investors alike are being priced out of the core markets and opportunities have shifted from San Francisco to Contra Costa and Alameda counties, and ultimately to Solano County."
Anthony said investors are finding additional value and upside potential with properties in Solano County.
ARA Newmark multifamily housing sales completed in Solano County in 2016 include The Ridge Townhomes (above) in mid-November. The 54-unit property at 301 Fairgrounds Drive in Vallejo traded for $7.94M. The 22-unit Pine Crest Villa complex at 195 East Pacific Ave in Fairfield closed late October for $2.7M. Anthony and associate Zachary LeBeouf repped the buyers in each of these transactions.
The sale of the 68-unit Forest Glenn complex at 237 Avian Drive in Vallejo closed for $10.4M, while the January sale of the 51-unit Redwood Gardens complex at 2211 Redwood St in Vallejo sold for $5.3M. Anthony, Zachary and senior managing director Richard Knutson repped both parties in these two separate transactions.