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6/29/12
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In a Sacramento-area multifamily buy, Virtú Investments has paid $12.05 mil for Americana Arms Apartments, a 157-unit ($76.7k/unit) in Davis. The 74.7k sf property is located at 1124 F St, approximately one mile from the University of California at Davis. Current enrollment at UC Davis is more than 32,000 students.
Built in 1959 on 4.3 acres, Americana Arms Apartments features 155 one-bedroom/one-bath units and two two-bedroom/two-bath apartments. Approximately 90 percent of the units have been upgraded with custom countertops, new cabinet faces, upscale flooring, updated appliances and renovated bathrooms.
Sunny Gill, a senior associate in Marcus & Millichap’s Sacramento office, represented the buyer and the seller, Bay Area-based private investors.
“Well-performing, quality multifamily assets such as the Americana Arms Apartments rarely come to market in Davis,” says Gill. “The property’s strong history is attributable to the Davis market’s extremely low vacancy, which has averaged less than 2.5 percent over the past five years.”
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