The deal, brokered by Marcus & Millichap Real Estate Investment Brokerage Co. senior investment associate Donald Wenzel Jr. and senior associate Nicholas Manganais, was at a 6.8% overall capitalization rate. It also was at $85 per sf based on net rentable space.
"Because of the excellent surrounding job market, occupancy will always be high and rents will continually increase, providing strong upside in the investment," Wenzel says in a statement.
In addition to one- and two-bedroom units, the property formerly owned by Regency Square Apartments LLP includes a parking lot that can handle 380 vehicles as well as a clubhouse and pool.
Wenzel represented Regency Square Apartments LLP while Manganais guided the buyer to the closing table.
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