ROHNERT PARK, CA—A project received site plan and design review approval from the city of Rohnert Park earlier this year for a 98,446-square-foot multifamily development. Aldridge Development recently sold the fully entitled development site located at 100 and 120 Avram Ave. and 6770 Commerce Blvd. to Blackpoint Management.

Blackpoint purchased the five-building development, which has been approved for 90 units and is located on 2.26 acres directly adjacent to City Hall. The property is located ¾ of a mile west of the Sonoma-Marin Area Rail Transit (SMART) Rohnert Park station via the Copeland Creek Trail, a pedestrian and bicycle path.

Cushman & Wakefield's Northern California multifamily advisory group advised Aldridge Development in the transaction. The sale of the asset was led by Jason Parr, senior director, Northern California multifamily advisory group.

“This uniquely modern asset is a state-of-the-art development and a positive sign for multifamily development projects here,” Parr said. “Looking ahead, we believe commuting to San Francisco from the North Bay will become a viable option once again and this effect is expected to increase renter demand in Marin and Sonoma County communities, especially those along the SMART line such as Rohnert Park.”

The design features five three- and four-story buildings with a combination of surface and tuck-under parking garages. The eco-functional design implements environmentally sustainable elements and modern construction methods.

“Across the US, multifamily development has clearly seen robust growth in the last several years and continues to grow in 2017,” Parr tells GlobeSt.com. “Historically, the high-profile urban markets of San Francisco, Oakland and San Jose have consistently received very strong demand from developers. Recently, we have noticed a surge in demand for well-located transit-oriented suburban sites in markets such as Rohnert Park, Petaluma and the North Bay Area in general. We have several deals in the pipeline that likely will come to fruition within the next two quarters.”

Also in Rohnert Park, Cushman & Wakefield executive managing directors Dan Wald and Don LeBuhn recently completed recent commercial real estate deals valued at more than $72 million including the sale of Raley's Town Centre. The 141,747-square-foot grocery-anchored shopping center was sold by Codding Enterprises LP to Argonaut Investments LLC.

Instant Insights /

Not to be Left Out, North Bay TOD Surges

Related Stories

Recommended For You