The new Multifamily Division of Sunroad Enterprises led by real estate veteran Michael Dow has completed the acquisition of its first two properties, the Sonoma Ridge Apartments in Peoria, Arizona and the Bristol Bay Apartments in Sparks, Nevada, through the partnership with Loma Linda University Endowment Fund's multifamily investment platform and Security Properties, Inc.
"We're proud to bring Sunroad's brand-synonymous with high quality and exceptional service-to both the multifamily market, and two new geographic locations, Arizona and Nevada," said Dow. "With the tremendous opportunity at both of these sites, we believe these are outstanding acquisitions for Sunroad and our investment partners. These two blue chip institutions are the best in class, and to have Loma Linda and Security Properties co-invest with Sunroad is a validation of the market and our confidence in the rehab opportunities."
According to the press release of Sunroad Enterprises in PR News Wire, Mesa West Capital provided the financing for the Sonoma Ridge Apartments while financing for the Bristol Bay Apartments was provided by Pacific Coast Capital Partners, LLC (PCCP). Holliday Fenoglio Fowler, L.P. (HFF) arranged the financing for both of the acquired properties.
The 240, Class-A units Sonoma Ridge Apartments was built on 14.7 acres of land in 2002 and offers its tenants with communities amenities that includes a clubhouse, a resort-style pool, a spa, a dry sauna, a picnic and grill area, a fitness center, a media center, a business center, and a covered playground.
On the other hand, Bristol Bay Apartments features 264, Class-A apartments that was built 2003 and sits on 19.5-acre land. Community amenities of the property includes a spacious clubhouse, a resort-style pool, a spa, a sauna, a media center, grilling areas, a fitness center, a lighted sports court, a business center, and a playground.
Sunroad Enterprises purchased Sonoma Ridge for $30.2 million ($125,883/unit) onFebruary 11, 2016 while the Bristol Bay was purchased on February 4, 2016 for $35.5 million ($134,470/unit).