NEW YORK--(BUSINESS WIRE)--Sentinel Real Estate Corporation (“Sentinel”) today announced that it has acquired La Via Apartments, a recently completed 281-unit mid-rise apartment community in Petaluma, California. Sentinel purchased the property from the sponsor, The Spanos Corporation (“Spanos”), a leading developer of multifamily communities across the U.S. with whom Sentinel has enjoyed a long and productive relationship. La Via represented the opportunity for Sentinel to acquire a well-located newly-built property in a desirable and highly supply-constrained submarket.
La Via Apartments benefits from an optimal location just 40 miles north of downtown San Francisco. The property is situated on the Petaluma River waterfront, offering residents direct access to the Lynch Creek Trail, a pedestrian and bike path that runs along the river. It is also three blocks north of downtown Petaluma, which is home to dozens of boutique shops, restaurants and bars. Residents also have convenient access to public transportation via the Petaluma Downtown train station and Route 101 bus service, both of which provide direct routes to downtown San Francisco.
“La Via exemplifies our strategy to acquire well-located, high-quality properties in submarkets supported by strong fundamentals with long-term tailwinds,” said Michael Streicker, President of Sentinel. “Surrounded by protected parklands, the Petaluma submarket has seen few deliveries of new apartments in recent years – approximately 52 units per year, on average – driving compelling supply/demand dynamics and consistent rent growth. Single-family homes for sale in the immediate vicinity start at $750,000, presenting a significant barrier to homeownership and supporting growing demand for rentals.”
La Via Apartments consists of studio, one- and two-bedroom apartments averaging 924 square feet with sweeping views of the rolling hills of Sonoma. The upscale interiors feature stainless steel appliances, quartz countertops, tile backsplashes, smart lock keyless entry, Nest thermostats, and full-sized washers and dryers, with some units boasting elevated ceilings, floor-to-ceiling windows, and private patios or balconies with French-style doors. Community amenities include a 24-hour wellness studio with spin room and yoga studio; a bocce courtyard with fire tables, a BBQ pavilion, a fireplace and outdoor TVs; a coworking café with complimentary wi-fi; a gourmet coffee bar; a river overlook balcony; a zen deck; a resident parlor with a billiards 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 secure-access enclosed 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 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 113 domestic and international clients. Sentinel maintains offices throughout the United States, Amsterdam, Germany, Australia and Singapore. The firm’s portfolio currently comprises more than 28,000 apartment units and 5.4 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.