DTI Investments Buys Central Valley Asset for $33M
Marcus & Millichap brokered the transaction of the 212-unit property.
DTI Investments has purchased The Vineyard, a 212-unit multifamily community in Ceres, Calif., according to public records. Ray Stone Inc. sold the asset for $32.6 million or $153,774 per unit.
Marcus & Millichap brokered the transaction of the value-add property. Arbor Realty Trust provided a $21.8 million Fannie Mae loan for the buyer, the same records show.
In 2015, the property became subject to a $7 million permanent loan held by JPMorgan Chase, according to Yardi Matrix data.
Completed in 1979, The Vineyard comprises 34 buildings spread on some 10 acres. The community incorporates one-, two- and three-bedroom floorplans ranging between 575 and 1,009 square feet. Common-area amenities include two swimming pools, five laundry rooms, a playground, walking paths, a jogging trail and approximately 340 parking spaces.
Located at 1625 Richland Ave., The Vineyard is within the Central Valley market. The community is near Route 99, which provides easy access to downtown Modesto, Calif. The property is within walking distance of Independence Park, Ceres Plaza Shopping Center, Whitmore Plaza and Ceres Marketplace.
Marcus & Millichap recently brokered the $18.8 million transaction of Manor House, a 125-unit multifamily community in Bloomfield, Conn. MLK Real Estate Capital, in partnership with Navarino Property Group, acquired the asset from The Bluestone Group.
