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5/03/23
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Continental Terrace, a 142-unit multifamily property in South Sacramento, sold for $15.75 mil ($110.9k/unit). Located at 6915 Lewiston Way, Continental Terrace offers a mix of studio and one-bedroom floor plans ranging in size from 423 sf to 716 sf.
Community amenities include a swimming pool, dedicated parking, and laundry facilities. The property is situated on a 5.14-acre site that includes excess vacant land with the potential to develop up to 16 ADUs.
According to CoStar data, the property traded as one of the largest sales by unit count in the submarket during the past 12 months. With historically low vacancy and in-place rents below market, the property presented the opportunity for immediate rental upside.
Robin Kane and Brendan Kane with The Mogharebi Group represented the seller in the transaction, who is a Southern California private investment group from the retail sector.
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