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December 5, 2023
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Two Apartment Properties Near UC Davis Fetch $53 Mil


In this report, we’ll update you on two multifamily sales totaling $53 mil in the NoCal city of Davis. The two properties, College Square and Academy Lane, are located around the corner from one another, situated just a short distance from UC Davis and within blocks of Downtown Davis, a highly desirable student location.

In the larger of the transactions, Danville-based Green Leaf Partners purchased College Square, a 240-unit asset located at 801 J St, north of I-80 and the UC Davis campus. The property, constructed in 1970, sold for $34.55 mil, or $144k/unit.

College Square, located just one mile from UC Davis, offers a mix of one- and two-bedroom units. Each apartment features spacious walk-in closets and energy-efficient appliances, with select apartments boasting newly renovated countertops, upscale flooring, and designer two-toned paint schemes. College Square offers 24-hour study lounge with Free WiFi, two 24-hour laundry facilities, an on-site Uni-Trans bus stop, and close proximity to the UC Davis campus for walking (or biking) to class.

In the other transaction, Walnut Creek-based Bridge Partners paid $18.15 mil for Academy Lane, a 158-unit ($115k/unit) complex built in 1959. Located at 1124 F St, Academy Lane boasts beautifully landscaped grounds including a pool, three BBQ areas and a picnic area. Units offer upgraded kitchens, renovated bathrooms, wood-like flooring and more.

Marc Ross and William Blucher of CBRE’s Sacramento Multifamily Group represented the sellers in both transactions—Kennedy Wilson in the sale of College Square and Virtu Investments in the sale of Academy Lane. According to CBRE, the deals underscore the booming demand for multifamily properties in the Sacramento Region.

“Over the last six months, the Sacramento Region has received national attention as one of the nation’s top performing apartment markets, and the City of Davis is widely considered to be one of the most coveted submarkets in the region due to the significant supply-demand imbalance created by the City’s no-growth policy and the increasing enrollment base at the University of California, Davis,” said Ross, who directs the Sacramento Multifamily Group. “These factors translate into perennially low vacancy and significant and reliable rent growth, which are highly attractive to investors.”

Historically, opportunities to invest in Davis are extremely rare, as properties are generally held for generations, according to the CBRE brokers who noted that due to this limited supply, the sale of College Square marks the first property over 200 units to trade hands in over a decade.

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