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9/28/20
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The Davenport, a 126-unit multifamily property in Sacramento, traded hands in a recent $22.5 mil ($178.5k/unit) deal. The property is located at 941 43rd Ave, north of Riverside Ave and west of I-5.
The seller, an affiliate of Abacus Capital Group, invested extensive capital into renovations to the building exteriors and common area spaces while upgrading just 10% of the unit interiors, leaving significant rental income upside for the new owner.
Built in 1970, the property includes an upgraded pool, remodeled clubhouse/leasing office and fitness center, BBQ area with two gas grills, dog park, laundry facility, secured gate access and covered parking.
The Davenport is located in The Pocket, about 10 minutes from downtown Sacramento as well as 10 minutes from Delta Shores, the region’s newest retail power center. Residents can also walk to numerous shopping complexes such as South Hills Shopping Center and the Riverside Plaza Shopping Center. Additionally, the property offers direct access to the Sacramento Regional Transit (SRT) “Riverside” route, which has a stop across the street from the property and travels to Downtown Sacramento.
Marc Ross with CBRE’s Sacramento office represented both parties in the transaction.
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