The sale of the Crossing Apartment complex closed last week for $5,600,000, with a CAP rate of 7.10%. James Pagonis, Senior Investment Associate at Marcus & Millichap's Sacramento office represented both the buyer and seller in the deal.
The seller, Rea Hook, is in the process of buying single tenant properties out of state. The buyer, David Kelley is an investor from Southern California.
James Pagonis tells GlobeSt.com that the building is completely full and that there is room for a little upside in rent, which will enable the owner to raise the rents to compare with other properties in the area.
This sale is considered one of the top 10 price-per-unit transactions in the Sacramento region to date. The average price per unit in Sacramento is approximately $53,888. This latest deal equates to more than $82,000 per unit.
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