The Miramonte Apartments has 268 units and the Trovas Apartments has 172 units. Both developments were completed this year. Rent ranges from $1,000 to $1,550 per month for units that range in size from 714 sf to 1,275 sf. At the time of the sale, which closed last week, the combined properties were 98% occupied.

Arroyo & Coates handled both sides of the transaction. Pedro Arroyo represented the buyer in the transaction. The seller was represented by Curtis Gardner and Mark Leary. Leary tells GlobeSt.com the buyer is a private family that owns other North Natomas multifamily properties and was in the middle of a $45-million 10-31 Exchange, trading out of an office building in San Francisco.

Fairfield listed the properties with Leary as soon as they were stabilized at 90% occupancy. That was about 50 days ago. The list price was $125,000 per door or $55 million. "The same day we listed, the buyer wrote an offer," says Leary. "We countered at $124,000 per door and he accepted." Leary says the buyer paid all cash for the properties and is now seeking to rate lock a loan for the property. Leary expects he will be able to obtain a 10-year loan at an interest rate below 5%.