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84-Unit Monterey County Property Trades

PACIFIC GROVE, CA-Hank Fisher Properties sells the fully occupied Seventeen Mile Drive Village Apartments to Sequoia Equities for $18.5 million.

By Brian K. Miller | Updated on March 11, 2005

PACIFIC GROVE, CA-The 84-unit Seventeen Mile Drive Village Apartments has is under new ownership. The fully occupied garden-style community sold for $18.5 million, which based on in-place NOI represents a 5.64% cap rate, according to a source familiar with the deal.Sequoia Equities, a Bay Area investor, is the new owner of the fully occupied garden-style community, the source tells GlobeSt.com. The seller was Hank Fisher Properties, a Sacramento-based investment trust, he says.Completed in 1986, the complex sits on 10 acres off Monterey County’s scenic 17-Mile Drive at 1012 Pacific Grove Lane. Units in the all two-bedroom community average 1,150 sf and the average rent is $1,555 per month. Amenities include a a heated outdoor swimming pool and spa, gated access, covered parking, and washers and dryers in every unit. The per-unit price on the sale is $220,238.Stanford Jones and Kevin Turner, senior multi-family investment specialists in Marcus & Millichap’s Palo Alto office, had the disposition assignment. The two brokers also secured and represented the buyer.

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