The 70,000-sf apartment complex, built in 1960, is located at the intersection of Williams Road and Ranchero Way. It consists of five separate tax parcels and includes one studio, 55 one-bedroom units, 37 two-bedroom units, and seven three-bedroom units. At the time of the sale, the complex was approximately 95% occupied.
The property reportedly sold at a 5.9% capitalization rate. The sale price equates to $195 per sf and $136,500 per unit. David J. Dematteis of Marcus & Millichap Real Estate Investment Brokerage Company secured and represented both the buyer and seller in this transaction.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.