Montgomery Partners has acquired Nueva Vista Apartments, a two building, three-story garden-style apartment complex in Santa Rosa for $14.75 million and has begun renovations. The property comprises 74 units and is situated on 2.43 acres in Sonoma County, purchased at $199,000 per unit to be rebranded as The Palms at Coddington with renovated units priced competitively.
Braden Badger VP of investor relations commented “In a market where there’s not a lot of deal velocity we are proud to get this deal across the finish line; it’s a well-positioned property and we are eager to get underway on the renovation and repositioning strategy to further enhance the Santa Rosa community.” Montgomery Partners plans an investment of $2.6 million into renovations as part of their overall capital improvements budget which will upgrade common areas such as pool & sun deck landscaping/signage building exterior unit balconies laundry facilities & gated access points
