The Vineyard Gardens was built in 1988 and was originally calledthe Redwood Manor. The complex, which occupies a site of nearlynine acres, was partially renovated in 2007 and is well-located,according to the Arroyo & Coates brokers, who had thedisposition assignment and also represented the buyer. JamieClifford and David Silver of Arroyo & Coates represented theseller, with Tim Scherer of Arroyo & Coates, representing thebuyer.

The Vineyard Gardens complex attracted multiple offers frominstitutional as well as private bidders, according to Arroyo &Coates. The complex was 95% occupied at the time of the sale and ispartially renovated. That offers the new owner potential for upsidethrough additional renovations, according to Arroyo & Coates.In addition to the apartments the complex includes a play area, apool, a recreation room, garage buildings and surface parkingareas.

Recent market reports describe the Santa Rosa apartment marketas one that features favorable long-term fundamentals, in partbecause of the high cost of for-sale housing in the area. Inaddition, barriers to entry for new development are high in SonomaCounty and relatively little new competitive product is expected tobe delivered soon.