Fairfield Residential Trades NorCal Apartments
The company sold the 168-unit Class B community for more than $47 million three years after acquiring the asset from Interstate Equities Corp.
Terra Martinez
Fairfield Residential has sold the 168-unit Hidden Creek Apartments in Martinez, Calif., to Pacific Urban Residential for $47.5 million. The new owner has rebranded the property as Terra Martinez.
Situated at 142 Fig Tree Lane, in the East Bay, the Class B community last changed hands in January 2016, when Interstate Equities Corp. traded the asset to Fairfield for $37.6 million, according to Yardi Matrix.
Terra Martinez contains a mix of one- and two-bedroom apartments, with floorplans averaging roughly 793 square feet. Amenities include a swimming pool, laundry facilities, a business center, a playground and a fitness center. As of December 2018, the community was 95.2 percent occupied, per Yardi Matrix data.
The property’s 10 buildings are located on 5.4 acres a short distance from Interstate 680, roughly 30 miles northeast of downtown San Francisco. A bus station just south of Terra Martinez links residents with the BART system’s yellow line. The community is a stone’s throw from the Village Oaks Shopping Center as well as a Walmart and The Home Depot.
Institutional Property Advisors’ Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni represented Fairfield Residential in the sale transaction. The same team also worked with the seller in March 2018 to broker a nearly $50 million portfolio sale in Fairfield, Calif.
Image courtesy of Yardi Matrix
