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5/15/17
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Coco Palms and The Orient Apartments, two low-rise, garden communities totaling 125 units in the NoCal city of Fairfield, have sold for $12.2 mil ($97.6k/unit). The properties were acquired by Riaz Capital, a multifamily investment and management company.
Coco Palms and The Orient communities are located at 307 and 319 E Tabor Ave in Fairfield, just east of I-80 roughly midway between San Francisco and Sacramento. The properties are close to highways, shopping malls, and new single-family housing developments. The Fairfield population has seen tremendous growth in the last few years and with this growth, an increased demand for housing. Riaz Capital plans to renovate and upgrade the property to take advantage of the strong apartment market in Fairfield.
Matthew Clark with Kidder Mathews represented both the buyer and the seller, Almanara Investments, a California investment company.
“Rents continue to rise around 9.1% year-over-year in the workforce housing supply within Fairfield,” said Clark. “With limited new product being added to the market, existing rental properties present a great opportunity for owners to execute both interior and exterior upgrades.”
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