Marcus & Millichap arranged the sale of Creekside Park I and II, a 188-unit, two-property multifamily portfolio in Napa. The portfolio sold for $46.95 million, or $249,734 per unit.

“After an uptick in vacancy last year following the addition of 171 new units, the Napa multifamily market is strong with limited concessions and rents near all-time highs,” said Mitchell Zurich, senior managing director investments in Marcus & Millichap’s Palo Alto office. Zurich and Marcus & Millichap’s Kirk Trammell, David Cutler and Joshua Johnson represented the seller, the original developer of the property, and procured the undisclosed buyer.

Creekside Park is A block from Napa Valley’s main thoroughfare, State Highway 29, and a mile from Downtown Napa, home of the Oxbow Public Market and the Napa Valley Wine Train. Constructed in two phases in 1983 and 1985, the property is a garden-style complex with 15 two-story residential buildings and two single-story amenities buildings on more than 10 acres.

On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.