(Read more on the multifamily market.)

SANTA ROSA, CA-Lyon Capital Ventures has acquired a 138-unit apartment complex on 9.4 acres here that is mapped for conversion to condominiums. The Newport Beach-based company paid a private partnership approximately $27.3 million for the property, local industry sources tell GlobeSt.com.

Due to ongoing construction on some of the eight buildings the Bella Oaks complex was 65% leased at the time of sale. The buildings house one-, two- and three-bedroom units that rent for between $1,250 and $1,800 per month, which translates to between $1.63 and $1.75 per sf.

Located at 2115 Kawana Springs Rd., the property attracted nine bids, according to announcement by the listing brokerage firm, Arroyo & Coates. The purchase price will translate to a sub 5% capitalization rate upon stabilization, according to local sources. Neither the selling brokers nor the buyer could be reached Tuesday for comment.

The property was marketed as both an apartment investment and a condominium conversion. The listing agents were David Silver, Timothy Scherer, Nathan Blair and Jamie Clifford. The seller was marketing the project as a condominium developments at time of close.

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