Montgomery Partners Extends its Northern California Presence with the purchase of a $14.75M Apartment Complex in Santa Rosa

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Jun 12, 2023, 10:00 ET

Montgomery Partners is rebranding Nueva Vista as the Palms at Coddington and has begun phase one of renovating the 74 units on the property

SANTA ROSA, Calif., June 12, 2023 /PRNewswire/ -- Today, Montgomery Partners announced the purchase of Nueva Vista Apartments, a two building, three-story garden-style apartment complex in Santa Rosa for $14.75M and has begun renovations. The property comprises 74-units and is situated on 2.43 acres in the heart of Sonoma County. Purchased at $199k per unit, the property will be rebranded as The Palms at Coddington, and provide renovated units priced competitively to the surrounding neighborhood.

The property is located 1.5 blocks from the Coddingtown Shopping Center, one of only two shopping malls within Santa Rosa. The mall is anchored by a Whole Foods and Target and is also home to Nordstrom Rack, Chipotle, Orange Theory and various other destination retailers. Nueva Vista is within a four-block radius of Sonoma Public Library and two miles from Santa Rosa's historic downtown, 1/2 mile from the Santa Rosa North high-speed rail station, and 1/3 mile from US Highway 101.

"In a market where there's not a lot of deal velocity, we are proud to get this deal across the finish line," said Braden Badger, Vice President of Investor Relations at Montgomery Partners. "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 to invest $2.6M into renovations as part of the overall capital improvements budget to upgrade the common areas, pool and sun deck, landscaping/signage, building exterior, unit balconies, laundry facilities, and gated access points.

Santa Rosa is the largest city between San Francisco and Portland and has an approximate population of 180,000 people. Home to Sonoma County Airport, Santa Rosa has long been considered a gateway between wine country and the Bay Area. Santa Rosa is home to numerous acclaimed restaurants and tourist destinations ideally situated in the Russian River Valley and is close to over 425 world renowned wineries.

SOURCE Montgomery Partners