NORTH HIGHLANDS, CA-A 116-unit class B apartment complex in this Sacramento suburb has changed hands for about $11.1 million. The new owner plans to sell off the units as condominiums, according to a source at Marcus & Millichap, which brokered the transaction.The property, Alder Grove Apartments, is located at 3939 Madison Ave. The asset includes 12 one-bedroom units, 92 two-bedroom units and 12 three-bedroom units in one- and two-story buildings. The units range in size from 880 sf to 1,025 sf. They were 95% occupied at the time of the sale.The buyer, Klamath Investments LLC, is a private investor from Pismo Beach by the name of Alfred Nevis. The purchase price translates to $96,121 per unit. Information on how much Nevis plans to invest in the units and how much he hopes to sell them was not available Wednesday afternoon.A source at M&M tells that Nevis has bought and converted other apartment buildings in Northern California. The seller was 3939 Madison LLC. The agent for the LLC is listed with the Secretary of State’s office as J. Thomas Wells.Jas Bains, a senior associate in M&M’s Sacramento office, represented the buyer in the transaction. The name of the seller’s broker was not immediately available. “This property presents an appealing investment opportunity with substantial upside potential through refurbishment and repositioning,” says Bains. “The location is strong and the apartments are above average in size … .”

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