IPA Arranges $50M Multifamily Portfolio Sale

Avery Park Apartments

Institutional Property Advisors (IPA)—a division of Marcus & Millichap—has brokered the sale of a two-property multifamily portfolio in Fairfield, Calif., for $49.7 million. IPA Senior Managing Director Salvatore Saglimbeni, Executive Director Stanford Jones and Senior Managing Director Philip Saglimbeni represented the sellers, Fairfield Quail Terrace LLC and Fairfield Sheffield Greens LLC. Jackson Square Properties bought the assets.

Located at 2563 and 2000 Clay Bank Road, Avery Park Apartments features 136 one- and two-bedroom units in a two-story building comprising a total of 120,200 rentable square feet. Dishwashers, refrigerators, walk-in closets, private patios or balconies and cathedral ceilings are a few of the interior amenities offered by the property. Common area amenities include:

• swimming pool
• tennis court
• controlled access
• 280 parking spaces
• outdoor barbeque station and picnic area
• laundry facility
• Wi-Fi

Bennington Apartments

Located at 2780 North Texas St., Bennington Apartments is a two-story, 132-unit community with one- and two-bedroom apartments. Interior amenities include washers, dryers, fireplaces and vaulted ceilings. Common area amenities include:

• fitness center
• swimming pool
• spa
• laundry facility
• 250 fully covered parking spaces
• Wi-Fi

“Avery Park and Bennington provide a relatively affordable option for residents who are priced out of the core markets in the eastern region of the San Francisco Bay Area,” said Salvatore Saglimbeni, senior managing director of IPA, in a prepared statement. “Strong rent growth and occupancy in Fairfield support value-add strategies for both assets.”

Photos via Google Street View