(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
VACAVILLE, CA-GID has sold a 318,768-square-foot luxury apartment complex in Vacaville, approximately 54 miles from San Francisco and 35 miles from Sacramento for $52.4 million. The sale represents $167,949 per unit and $108 per square foot.
Institutional Property Advisors, a recently formed multifamily brokerage division of Marcus & Millichap brokered the sale of the River Oaks Apartments here. Stan Jones, executive vice president investments, Phil Saglimbeni, vice president investments and Sal Saglimbeni, vice president investments, represented the seller. The three also represented the purchaser, Sequoia Equities Inc.
“River Oaks Apartments is well positioned for future rent growth given its amenities and superior location in a natural extension of the core Bay Area,” says Jones. River Oaks Apartments is located at 1000 Allison Dr., a five-minute drive from historic downtown Vacaville. Access to major retail centers, including Vacaville Premium Outlets, The Commons and the Nut Tree Shopping Center is nearby.
“This is an exceptionally well-maintained high-quality property with an ideal location,” adds Phil Saglimbeni. “The complex is proximate to the major metros of the East Bay and provides its residents with access to local employers and also to job centers in both directions along the Interstate 80 corridor.”
Built in 2000 on 7.7 acres, the property features a mix of one-, two- and three-bedroom floor plans averaging 1,022 square feet. The two- and three-story buildings are accentuated with Mediterranean details, textured stucco and pitched concrete tile roofs. Amenities include a resort-style lap pool and spa, sports court, fitness center, children’s play structure, clubhouse and business center.
This isn’t the only apartment the Boston-based pension advisor is shedding. As GlobeSt.com previously reported, it was marketing Windsor at Victoria Heights, a 392-unit community in the Rowland Heights area of Los Angeles for $56.7 million.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
