(To read more on the multifamily market, click here.)
SACRAMENTO-A 434-unit apartment complex here has changed hands for $36.1 million, or $83,179 per unit. National Commercial Ventures of Los Angeles, CA, acquired the property from Oakmont Properties of San Francisco.
Oakhollow is located at the intersection of Oakhollow Drive and Walerga Road in the North Highlands area of Sacramento County. Built in 1985, the complex consists of 30 buildings housing one- and two-bedroom units averaging about 850 sf. Amenities include two swimming pools, two hot tubs and two separate buildings for leasing or recreational use.
Oakhollow was 95% occupied at the time of sale. The selling brokers were David Silver, Nathan Blair and Pedro Arroyo of Arroyo & Coates. Mark Cunningham and Daniel Dabkoski of Sperry Van Ness/CRG Investments represented the buyer.
Oakmont Properties also recently sold the Windrush Hills Apartments in Vallejo, CA. Silver, who brokered that deal as well, tells GlobeSt.com the 178-unit property changed hands for $22 million.The new owner is M2 Partners LLC, which includes Kenneth Melton of Eagle Real Estate Group and John McAlister, former president of Steadfast Cos.
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