The luxury, class-A complex is located at 4738 Grouse Run Drive in the Quail Lakes area of Stockton. According to Marcus and Millichap, which brokered the sale, the area is considered the best rental location in Stockton, a market where rents have increased 15% in the past year.
At the time of the sale, the Grouse Run Apartments were fully occupied. A $10.5 million sale price translates to $63,608 per unit or $82 per square foot.
The property was constructed in 1978 and recently underwent significant capital improvements, including new roofs, fencing and interior appliances. The asset features 20 buildings and a total rentable area of 122,400-sf on 6.21 acres.
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