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SANTA ROSA, CA-Behringer Harvard has put the 277-unit Acacia apartment complex here under contract for $38.7 million or approximately $139,700 per unit. The seller is Aliso Viejo, CA-based Shea Properties, whose total development cost for the 2003 project was $44 million or approximately $158,000 per unit, according to published reports around the time of completion.

Acacia sits on 11.6 acres at 4656 Quigg Dr. in Santa Rosa. Amenities include a resort-style swimming pool, a fitness center, a playground, a business center and a recreation lounge. Units range in size from 630 square feet to 1,271 square feet while monthly asking rents range from $1,075 to $1,665, according to Shea’s web site for the complex.

Behringer Harvard did not immediately respond to a request for additional information about the deal, such as current occupancy and NOI data. Acting on behalf of Behringer Harvard Multifamily REIT I Inc., Behringer Harvard says it has put up $300,000 in earnest money and will put up an additional $900,000 prior to closing. The transaction involves the assumption of a $26.9-million first mortgage on the property, according to Behringer, which did not provide any additional loan details in its SEC filing. No estimated closing date was revealed.

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