The larger of the two properties is the Courtyards at 65th Street, a 331-unit loft and apartment community located in Emeryville that was completed in November. The community sold for $92 million or $278,000 per unit. Units range in size from 700 sf to about 1,200 sf. The property, which features its own Starbucks cafe, is the first luxury rental community to be built in Emeryville in the past decade, according to Opus. It was built on a former industrial site.

The other property in the transaction was the Overlook, a resort-oriented 78-unit community situated on a hilltop above Highway 101 in Santa Rosa. Completed late last year, it sold for $19.5 million or $250,000 per unit. Unit sizes range from 700 sf to 1,450 sf and rent averages about $2,000 per month, the highest rate in the region, according to Opus.

Mary Ann King of the Irvine office of Moran & Co. represented the seller in each transaction. "The high level of interest in this portfolio shows that apartment investors are returning to the Bay Area after a three-year hiatus," says King. "Now that rents have stabilized and the regional economy is gathering steam, many investors see this as an opportune time to reinvest in the area."