Source: Sequoia / #Apartments #Multifamily
PETALUMA, CA - Sequoia announced the acquisition of Azure Condominium Rentals, a 147-unit building in Petaluma, California. This acquisition brings the company to more than 4,100 units under management in the Bay Area. The property was developed in 2007 and is comprised of 149,753 rentable square feet in five, two and three-story residential buildings.
Petaluma is located 15 minutes from Marin County and 45 minutes from San Francisco. The City's affordability, revitalized downtown, riverfront access, and easy access to both Wine Country and the Point Reyes National Seashore provide residents with a high-quality of living. Petaluma's combination of a commuter-friendly location and small town charm have been key in driving demand to the area. Azure's amenities complement the local culture well; the property features condo quality finishes, a modern amenity complex, farm-to-fork garden boxes, and a dog run.
General Partner, Director of Acquisitions Pat Reilly says, "Azure presented a unique opportunity to purchase additional units adjacent to another Sequoia property, Park Central. While they are two distinct buildings, the upside for us was in consolidating the day-to-day property management operations. As a result, Azure and Park Central will operate as one." To complete the vision, Sequoia will paint the exteriors of each building and synchronize the marketing name and signage.
The acquisition was facilitated by HFF. Sequoia will provide the day-to-day management services for the building.