Marcus & Millichap Finalizes Deal in Sacramento’s Greenhaven Neighborhood
Marcus & Millichap (closed the sale of 915 Johnfer Way, a 34-unit multifamily property in Sacramento. The property sold for $5.6 million or $164,705 per unit. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, secured $3.7 million in acquisition financing on behalf of the buyer.
“This transaction allowed the seller to redeploy capital into a core Silicon Valley investment while providing the buyer with a well-located multifamily community offering significant value-add potential,” said Adam Levin, executive managing director investments. “With plans for an extensive renovation program and continued improvements to the property, the buyer is well positioned to benefit from the strong tenant demand and anticipated rent growth in Sacramento’s Greenhaven neighborhood.”
Levin and Rob Johnston, of the Levin Johnston team based out of Marcus & Millichap’s Palo Alto office, marketed the property on behalf of the seller, an LLC, and procured the buyer, a local private investor.
Chad O’Connor, executive managing director, capital markets, based in the firm’s San Diego office, secured a five-year loan at 70% loan-to-value with a national bank. Additional terms include a 5.85% interest rate and a 30-year amortization period. Built in 1968, The Colony House Apartments is located in Sacramento’s Greenhaven neighborhood.
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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
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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