In this report, we’ll cover two recent NoCal apartment comps on properties located in two inland CA towns. One of the transactions was in the state capitol of Sacramento, while the other deal was in Stockton, located about 50 miles south of Sacramento off I-5.
The larger of the transactions was in Stockton, where an investor paid $6.7 mil for the Ashley Park Apartments, a 106-unit ($63.2k/unit) complex at 6232-6233 Pershing Rd, roughly one mile off I-5. The unit mix consists of 86 one-bedroom/one-bath units and 20 two-bedroom/one-bath units. Dylan Herrick of NAI BT Commercial represented the seller, Pershing Properties LLC.
In Sacramento, the 26-unit Carol Manor Apartments sold for $1.915 mil, or about $73.7k/unit. The property is located at 3008-3014 O St, in the city’s Midtown area. The complex consists of two studio units, 20 one-bedroom/one-bath units, and four two-bedroom/one-bath units. The two-story property is gated and offers covered parking, on-site laundry facilities, and wall A/C. Carol Manor is surrounded by the fast-growing Alhambra Corridor, a vital and thriving commercial thoroughfare which is continuing to grow and develop.
Jason Parr of NAI BT Commercial handled negotiations for the seller, Oettle Family Trust. The buyer was The Brown Family Trust.
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