Two Northern California apartment properties developed by Opus West Group in ventures with Thompson/Dorfman Partners LLC have been sold to the State Teachers Retirement System of Ohio for a total of $111.5 million.
Completed late last year, The Overlook, in Santa Rosa, has been sold for $19.5 million. Situated on a hilltop above Highway 101, the 78-unit community was designed to recreate the ambiance and organization of a small village in Tuscany, offering residents common area amenities such as a Junior Olympic-size pool, large spa and sundeck, fitness center and a community building with conference facility. The one-, two- and three-bedroom units, which range from 700 to 1,450 square feet, all feature gourmet kitchens with gas ranges and granite counters, 9-foot ceilings, air conditioning, washer and dryers, and private garages, many with direct access. The property was completed in late 2004.
Also included in the sale was The Courtyards at 65th Street, a 331-unit loft and apartment community located in Emeryville.
The community sold for $92 million. The property is the first luxury rental community to be built in the past decade in Emeryville, a fast growing east-shore city in the San Francisco Bay Area. The Courtyards offers both traditional one- and two-bedroom apartments, as well as lofts that range in size from 700 square feet to nearly 1,200 square feet.
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