Sacramento Community Commands $16M
- Oct 28, 2019
SMG Investment has sold the Regency Apartments, a 130-unit community in Sacramento, Calif., for $15.8 million to a Bay Area-based private investor. The Mogharebi Group arranged the sale on behalf of the seller. Berkadia originated a $12.8 million Freddie Mac acquisition financing, which is set to mature in 2029, according to Yardi Matrix.
The Regency occupies 5.4 acres at 5900 Riza Ave., just off Stockton Boulevard, which provides access to the 51 and 68 bus lines. The boulevard also hosts a variety of restaurants and offers many shopping options at markets such as Dollar Tree, Walmart and Florin Towne Center. Additionally, the community is situated within an Opportunity Zone, Yardi Matrix data shows.
Built in 1969, the 16-building community comprises a mix of one-, two- and three-bedroom units, averaging 811 square feet. The apartments feature private balconies or patios and air conditioners. Property amenities include a swimming pool, two laundry facilities and 240 parking spaces.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen, principals, represented the seller. In August, the brokerage firm also arranged the sale of a 114-unit property in Carmichael, Calif.