Marcus & Millichap Closes $58M Sacramento-Area Deal
- Oct 08, 2020
Marcus & Millichap has arranged the $58 million sale of Camden Parc Apartments, a 232-unit community in Vacaville, Calif. First Vice Presidents Investments Steven Nelson and Dusty Haeling assisted the seller, JCM Partners, and sourced the buyer, a private investor operating as Camden Parc Residential LLC.
Walker & Dunlop originated a $34.8 million Fannie Mae loan for the acquisition, according to Solano County records. Located on 15 acres at 199 Aegean Way, the property encompasses 24 two-story buildings completed in 1978 and 2016. The community is a short distance from the busy retail corridor along Interstate 80 and roughly 34 miles southeast of downtown Sacramento.
Last year, the seller implemented a capital improvement plan on the asset, which included both interior and exterior upgrades. Units range from one- to three-bedroom floorplans with sizes between 792 and 1,192 square feet. Amenities include two swimming pools, a spa, laundry facilities, a fitness center and a playground.
The asset last traded in 2015 and 2019, when the seller paid a total of $29.5 million for two communities which it later merged to form Camden Parc Apartments, Yardi Matrix shows. The property is currently more than 95 percent occupied, according to the data provider.
In September, Marcus & Millichap negotiated the $28 million disposition of Westminster Towers, a 139-unit property in Tacoma, Wash. The brokerage advised the seller and procured the buyer in the 1031 exchange.