Marcus & Millichap, a leading commercial real estate firm, recently facilitated the sale of Creekside Park I and II in Napa. This two-property multifamily portfolio consists of 188 units and was sold for $46.95 million, equating to $249,734 per unit.
According to Mitchell Zurich, Senior Managing Director Investments at Marcus & Millichap’s Palo Alto office: “The Napa multifamily market has rebounded strongly after experiencing an increase in vacancy last year due to the addition of 171 new units. Currently there are limited concessions being offered and rents are reaching all-time highs.” Zurich worked alongside Kirk Trammell, David Cutler and Joshua Johnson from Marcus & Millichap’s team who represented the seller – the original developer of this property – while also securing an undisclosed buyer.
Creekside Park is conveniently located just one block away from State Highway 29 which serves as Napa Valley’s main thoroughfare. Additionally it is only a mile away from Downtown Napa which boasts popular attractions such as Oxbow Public Market and the renowned Napa Valley Wine Train. The complex was built in two phases during 1983-1985 with its garden-style layout consisting of fifteen two-story residential buildings along with two single-story amenities buildings spanning over ten acres.
This recent transaction showcases how developers continue to divest their properties within desirable markets like Napa where strong demand for quality housing remains high among renters seeking prime locations near popular destinations.
