NEW YORK-(BUSINESS WIRE)-Sentinel Real Estate Corporation announced today that this is the case acquired La Via Apartments, a recently completed mid-sized 281 unit gated community in Petaluma, California. Sentinel bought the property from the sponsor, The Spanos Corporation, a leading multi-family developer in the United States, with whom Sentinel has had a long and productive relationship. La Via offered Sentinel the opportunity to acquire a well-located new build property in a desirable and highly supply-constrained sub-market.
The La Via Apartments benefit from a prime location just 40 miles north of downtown San Francisco. The property sits on the banks of the Petaluma River and offers residents direct access to the Lynch Creek Trail, a walking and biking trail that runs along the river. It’s also three blocks north of downtown Petaluma, which is home to dozens of boutique shops, restaurants, and bars. Residents also have easy access to public transportation via the Petaluma Downtown train station and the Route 101 bus service, both of which provide direct service to downtown San Francisco.
“La Via exemplifies our strategy of acquiring well-located, high-quality properties in sub-markets based on strong fundamentals and long-term tailwinds,” he said Michael Strecker, President of Sentinel. “Surrounded by sheltered parkland, the Petaluma submarket has seen few new home deliveries in recent years – averaging about 52 units per year – resulting in compelling supply/demand dynamics and steady rental growth. Single family homes for sale in the immediate vicinity start at $750,000, presenting a significant barrier to home ownership and fueling growing demand for rental properties.”
La Via Apartments consists of studio, one and two bedroom apartments averaging 924 square feet and offering beautiful views of the rolling Sonoma hills. Upscale interiors feature stainless steel appliances, quartz countertops, tiled backsplashes, smart lock keyless entry, Nest thermostats, and large washers and dryers. Some units have raised ceilings, floor-to-ceiling windows, and private patios or French-style balconies. Communal facilities include a 24-hour spa with a spinning room and yoga studio; a bocce court with fire tables, a grill pavilion, a fireplace and outdoor televisions; a coworking cafe with free Wi-Fi; a gourmet coffee bar; a balcony overlooking the river; a zen deck; a recreation room with pool table, shuffleboard, arcade games, and a kitchenette; a catering kitchen; bike and kayak storage; a pet spa; 24-hour concierge; private card controlled access to the building and amenities; and a secured, gated garage with electric vehicle charging stations.
Sentinel has been active in the Northern California market throughout its 54 year history and currently owns 6 properties in the area. The company will continue to leverage its market expertise and extensive industry relationships to identify attractive investment opportunities and expand its portfolio in the region.
About Sentinel Real Estate Corporation
Founded in 1969, Sentinel Real Estate Corporation is an independent real estate investment management firm based in New York City. The firm currently manages $9.5 billion in institutional-grade real estate assets for 113 domestic and international clients. Sentinel has offices in the United States, Amsterdam, Germany, Australia and Singapore. The company’s portfolio currently includes more than 28,000 residential units and 5.4 million square meters of commercial properties. Sentinel operates on a vertically integrated platform with 750 employees performing all phases of the investment process including on-site property management. For more information about Sentinel, visit www.sentinelcorp.com.
