Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Creekside Park I and II, a 188-unit, two-property multifamily portfolio in Napa, California. The portfolio sold for $46.95 million, which equates to $249,734 per unit.
“After an uptick in vacancy last year following the addition of 171 new units, the Napa multifamily market is strong with limited concessions and rents near all-time highs,” said Mitchell Zurich, senior managing director investments in Marcus & Millichap’s Palo Alto office. Zurich and Marcus & Millichap’s Kirk Trammell, David Cutler and Joshua Johnson represented the seller, the original developer of the property, and procured the buyer.
Creekside Park is one block from Napa Valley’s main thoroughfare, State Highway 29 and a mile from Downtown Napa, home of the Oxbow Public Market and the Napa Valley Wine Train. Constructed in two phases in 1983 and 1985, the property is a garden-style asset with 15 two-story residential buildings and two single-story amenities buildings on over 10 acres. The one-, two- and three-bedroom units feature ceiling fans and air conditioning. Renovated units have new flooring, cabinet faces, hardware, fixtures, and countertops. Community amenities include a leasing office, swimming pool, two spas, fitness center, children’s play area, laundry facilities, and manicured grounds.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
