NEW YORK--(BUSINESS WIRE)--Sentinel Real Estate Corporation (“Sentinel”) today announced that it has acquired Nova at Green Valley Apartments, a recently completed 281-unit mid-rise apartment community in Fairfield, California. Sentinel purchased the property from the sponsor, The Spanos Corporation (“Spanos”), a leading developer of multifamily communities across the US. Nova at Green Valley represented the opportunity for Sentinel to acquire a well-located newly-built property in a desirable and highly supply-constrained submarket.
Nova at Green Valley Apartments is located within the 132-acre Green Valley Corporate Park, which Spanos was successful in rezoning to allow for multifamily in addition to the commercial uses it had previously been zoned for. The property is also proximate to the interchange of Interstates 80 and 680, giving residents direct access to employment and recreation throughout the Bay Area, including Vallejo, Downtown Napa, Concord, Walnut Creek, San Francisco and Sacramento. Additionally, Nova at Green Valley is served by the highly rated Fairfield-Suisun School District.
“We have enjoyed a long and fruitful relationship with Spanos, having acquired 123 of its communities over the course of nearly 40 years,” said Michael Streicker, President of Sentinel. “Nova at Green Valley exemplifies our strategy to acquire well-located properties in submarkets supported by strong fundamentals, including good schools, diversified employment bases, easy access to entertainment and lifestyle amenities, and favorable supply/demand dynamics. During the past 10 years, only two new apartment communities have been delivered to the submarket, and we expect this dearth of new development will support long-term demand at Nova as the submarket continues to grow.”
Nova at Green Valley Apartments consists of studio, one- and two-bedroom apartments averaging 860 square feet. The upscale interiors feature stainless steel appliances, quartz countertops, wood plank-style flooring, smart lock keyless entry, smart thermostats, side-by-side refrigerators with ice makers, full-sized washers and dryers, 9' and 10' ceilings, walk-in closets, and private patios or balconies. Building amenities include a 24-hour fitness center, a saltwater resort-style swimming pool, spa, firepit, and sundeck, outdoor grill stations, a gaming room, theater, gourmet demonstration kitchen, lounge, gourmet coffee bar and concierge package system.
The property will also be highly energy efficient, with sustainable elements including rooftop photovoltaic solar panels, solar thermal assist hot water heating, electric vehicle charging stations, LED light fixtures, low emissivity (low-E) windows and Energy Star-certified appliances. The photovoltaic and solar thermal systems are designed to offset common area electric usage and costs and reduce water heating usage and costs, respectively.
Sentinel has been active in the Northern California market throughout its 53-year history and currently owns 5 properties in the area. The firm will continue to leverage its market expertise and deep industry relationships to identify attractive investment opportunities and expand its portfolio in the region.
About Sentinel Real Estate Corporation
Established in 1969, Sentinel Real Estate Corporation is a New York City-based independently owned real estate investment management firm. The firm currently has $9.5 billion of institutional-quality real estate assets under management on behalf of 114 domestic and international clients. Sentinel maintains offices throughout the United States, Amsterdam, Germany, Australia and Singapore. The firm’s portfolio currently comprises nearly 27,500 apartment units and 5.3 million square feet of commercial real estate. 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, please visit www.sentinelcorp.com.