The Vineyard Gardens was built in 1988 and was originally called the Redwood Manor. The complex, which occupies a site of nearly nine acres, was partially renovated in 2007 and is well-located, according to the Arroyo & Coates brokers, who had the disposition assignment and also represented the buyer. Jamie Clifford and David Silver of Arroyo & Coates represented the seller, with Tim Scherer of Arroyo & Coates, representing the buyer.
The Vineyard Gardens complex attracted multiple offers from institutional as well as private bidders, according to Arroyo & Coates. The complex was 95% occupied at the time of the sale and is partially renovated. That offers the new owner potential for upside through additional renovations, according to Arroyo & Coates. In addition to the apartments the complex includes a play area, a pool, a recreation room, garage buildings and surface parking areas.
Recent market reports describe the Santa Rosa apartment market as one that features favorable long-term fundamentals, in part because of the high cost of for-sale housing in the area. In addition, barriers to entry for new development are high in Sonoma County and relatively little new competitive product is expected to be delivered soon.
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