354-Unit Complex Trades at $75K Per Door

STOCKTON, CA-The 354-unit Venetian Bridges Apartments complex has traded hands for just under $26.5 million. The apartment complex was 97% leased at the time of the sale. The seller was Zephyr Management LP, a New York-based real estate owner. The buyer is Acacia Capital Corp., a San Mateo-based real estate firm that acquired the asset on behalf of one of its funds. Built in 1984, Venetian Bridges is located just west of Interstate 5 at 2244 Rosemarie Lane, near San Joaquin Delta College and University of the Pacific. Amenities include its lakefront location, three lighted tennis courts, a racquetball court, a sand volleyball court, fitness center, swimming pool, sauna and jacuzzi. William Huberty, who heads CB Richard Ellis’ San Francisco-based multihousing investment practice, brokered the deal. He tells GlobeSt.com that the sale of Venetian Bridges was an off-market transaction. “It was not a listed deal,” says Huberty. “I brought in a bid from Acacia and we negotiated from there.”The sale price translates to about $75,000 per door. Based on in-place rents, the capitalization rate on the investment is about 7%, says Huberty.