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10/28/19
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The Regency Apartments, a 130-unit community in Sacramento, sold for $15.8 mil ($121.5k/unit) after receiving multiple offers. The property, located at 5900 Riza Ave, was purchased by a private investor based in the Bay Area.
Built on a 5.4-acre site in 1969, The Regency features a unit mix consisting of 31% one-bedroom, 53% two-bedroom, and 16% three-bedroom apartments. The property is commutable to over 1.2 million jobs, which provides access to an increasingly robust tenant base.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a Sacramento based investor. The buyer was a private investor based in the Bay Area. According to Ozen, the listing received multiple offers near the list price, from many buyers.
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