Two Davis Apartment Complexes Sell for First Time Since 1980s
Transwestern announces that it brokered the sale of a two-complex multifamily portfolio consisting of 140 units in Davis for $42.8 million, or $306,000 per unit. Shivu Srinivasan, senior director at Transwestern, represented the Fox Group in the sale of Temescal Apartments and Pepperwood Apartments to Interstate Equities Corporation.
Temescal Apartments, located at 2477 Sycamore Ln., has 100 one- to four-bedroom apartments and sold for $33.44 million. Pepperwood Apartments, located at 2222 Sycamore Ln., has 40 one- to three-bedroom apartments and sold for $9.36 million.
“The Temescal and Pepperwood Apartment complexes truly represent the gold standard of Davis multifamily, making this a once-in-a-generation acquisition,” said Srinivasan. “Davis is a very constrained market and despite broader economic shifts, there remains a strong desire for high-quality, legacy multifamily assets in this area.”
The sale represents the first time that either apartment complex has traded since the Fox Group developed them in the 1980s.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout