The $31.5 million sale of Santa Rosa's Creekside Apartments and Mission Village Apartments represented the largest transaction in Sonoma County, California, in total units and transaction volume in 2025.
The sale averages out to more than $210,000 per unit.
Pacific Bay Partners and Corridor Ventures acquired Creekside, with 86 units, and Mission Village, with 62 units, from SLS Capital Group, with SLJ Equity providing financing.
NorCal Commercial, led by Scott Gerber and Kate Raphael Smith, brokered the deal last November when interest rates were higher. Additionally, deferred maintenance to the property and unforeseen deck repairs needed to be made to meet local ordinances.
Mission Village was acquired for $14.5 million and Creekside for $17 million.
For Pacific Bay, this marks an expansion of its investment in the North Bay; the company now owns four properties in the area. The market average for Santa Rosa is $2,253: Creekside's average rent is $2,297, and Mission Village's is $2,152, according to CoStar.
Pacific Bay's expansion in the market is one of the reasons why the deal earned a CoStar Impact Award, as judged by the local real estate professionals who know the market.
About the project: Both complexes are located near employment centers, retail, essential services and outdoor amenities, making them well positioned for the local workforce.
What the judges said: "The sale of this portfolio stands out as an impactful real estate transaction in the North Bay because of its scale, timing and execution," said Pauline Block, director of marketing and development at Cornerstone Properties. "This $31 million sale was completed during a period of elevated interest rates and tighter lending conditions, which signaled to the regional market that Santa Rosa" is worth a second look in the North Bay.
They made it happen: Scott Gerber and Kate Raphael Smith of NorCal Commercial represented both the buyers and the seller.