Hipalito bought Cottage Square Apartments, a two building, 28-unit apartment community located at 2412 Cottage Way, from Sacramento-based John H. Olson Family LT. The property, averaging 98% occupancy last year, is a stick-frame and stucco exterior building with a flat roof.
Carl Greenhalgh and Walter Helm of Sperry Van Ness represented the seller, while Severa Escober represented the buyer.
"Sperry Van Ness' proactive marketing program enabled us to reach key brokers and investors across the country, resulting in several offers above list price," says Greenhalgh. "We were able to close escrow $20,000 higher than the listing price and $320,000 or 22% more than the proposed listing price of another national brokerage firm."
According to Greenhalgh, the sale of the Cottage Square Apartments confirms the increasing investment value of real estate within today's slumping economy.
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