FOLSOM, CA-The 336-unit class-A Sherwood Apartments complex has sold for $50.4 million.  TRI Commercial/Corfac International brokers John Gallagher and Dean Bagneschi, both principals in the apartment advisory team, represented both buyer and the seller. The seller is Sherwood Apartments LLC and the buyer is Sherwood Iron Point LP, a Bay Area investor.

Gallagher tells GlobeSt.com that the reason for selling was due to “a compelling price.” explains that the buyer was looking for a class A property “in a very strong location in Sacramento.” He points out that the buyer selected Sherwood Apartments because of the age, amenities, the location, and “after the investigation of the income and expenses of the property, the buyer was attracted to the impeccable operating results that the property had delivered for the past eight years.”

The complex was completed in 2002 and has maintained 96% occupancy in recent years. The sale price amounts to $150,000 per unit and is the highest price per unit paid for Sacramento area multifamily property since 2008, according to a prepared statement.

Gallagher says that a recent trend in class-A investment real estate known as a “flight to quality.” The Sherwood acquisition reflects the value placed upon assets of high-quality construction that are well-appointed, exceptionally located with impeccable financial operating history, he says.

In particular, the value of this property will be enhanced by its location adjacent to a planned 440-bed Kaiser Hospital as well as the nearly completed 600,000-square-foot Palladio at Broadstone mixed-use development, consisting of a 16-screen theater, outdoor retail mall and class-A suburban office. He tells GlobeSt.com that there were two others interested in the property.