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June 18, 2024
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Sacramento-Area Apartment Community Sells for Over $14 Mil


Parkwood, a 197-unit apartment complex in Carmichael, traded hands at a price of $14.25 mil ($72.3k/unit). The property is located at 6930 Fair Oaks Blvd in Carmichael, a city within the greater Sacramento metropolitan area.

Constructed in two phases on 7.2 acres in 1973 and 1985, Parkwood’s unit mix features one- and two-bedroom floor plans. Many units have additional half- or quarter-baths and 10 have had washers and dryers installed. All of the apartments feature well-equipped kitchens with dishwashers, disposals and electric appliances. Select units have vaulted ceilings and outside storage space.

Parkwood’s community amenities include access gates, two swimming pools, a fitness and recreation center, four laundry rooms and reserved parking for every apartment. Recent renovations include parking lot resurfacing, siding repair and new exterior paint.

The property is situated across the street from the largest park in the area, Carmichael Park, which features six tennis courts, four baseball diamonds, a large children’s play area and an off-leash dog park. Safeway, Bel Air and Big Lots are nearby and Fair Oaks Blvd, Carmichael’s main thoroughfare, is home to many other retailers and restaurants, services and employment opportunities.

Eric Price, a senior associate in Marcus & Millichap’s Sacramento office, represented the buyer and seller, two family trusts.

“The sale of Parkwood demonstrates the demand from private investors for core assets in Sacramento’s premier rental markets,” says Price. “The new owner is in an excellent position to benefit from the area’s resurgent housing market and continued movement in rents.”

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