At the time of the sale's closing, the property was 98% occupied and 99% leased. The buyer and the seller, Elkor, were both represented by Steve Nelson and Alan Inouye of the Sacramento office of Hendricks & Partners.
The development features stucco construction with tile roofs, spacious grounds adjacent to new elementary and middle schools, two clubhouses and pools and volleyball courts.
Hendricks & Partners' latest market research report shows that the average rent for the Sacramento metro area increased 9.9% over the last year. The average vacancy rate climbed from 1.9% to 3.5% and demand has slowed down considerably, with absorption of 356 units, as opposed to last year's 1,074 units.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
