$6M Buys Hotel Petaluma Apartments

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PETALUMA, CA-Hotel Petaluma, a mixed-use Downtown building here with 104 furnished apartments and 14,000 sf of street-level retail and office space has changed hands for $6.1 million, according to Arroyo & Coates, the brokerage firm in the deal. The new owner is San Anselmo, CA-based Kentucky Street Properties, which is led by Robert Miller. The seller was Petaluma-based Hotel Petaluma LLC.

Originally constructed in 1923, Hotel Petaluma is located at the intersection of Washington and Kentucky streets in historic downtown Petaluma. The apartments are 90% occupied and the commercial space is 100% occupied. The property’s 2007 NOI is projected to be $382,103.

The seller was represented in the transaction by Jamie Clifford and David Silver of Arroyo & Coates’ California Multi-Housing Group. The buyer was represented by Niels von Doepp of NAI BT Commercial.