(Read more on the multifamily market.)
PETALUMA, CA-Hotel Petaluma, a mixed-use Downtown building herewith 104 furnished apartments and 14,000 sf of street-level retailand office space has changed hands for $6.1 million, according toArroyo & Coates, the brokerage firm in the deal. The new owneris San Anselmo, CA-based Kentucky Street Properties, which is ledby Robert Miller. The seller was Petaluma-based Hotel PetalumaLLC.
Originally constructed in 1923, Hotel Petaluma is located at theintersection of Washington and Kentucky streets in historicdowntown Petaluma. The apartments are 90% occupied and thecommercial space is 100% occupied. The property's 2007 NOI isprojected to be $382,103.
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