Montgomery Partners Acquires Santa Rosa Garden Apartments

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, the property will be rebranded as The Palms at Coddington, and provide renovated units priced competitively. 

“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, VP of investor relations. “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 $2.6 million 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.