South Coast Commercial Buys NorCal Community
The firm financed the acquisition of the fully occupied Class B asset with a 15-year, $7 million mortgage from Banc of California.
A private investor has sold Carmichael Village, a 94-unit Class B community near Sacramento, for $10 million to South Coast Commercial, according to Yardi Matrix. Banc of California provided the buyer with acquisition financing to the tune of a 15-year, $7 million loan.
Located at 5000-5010 Marconi Ave. in Carmichael, Calif., the garden-style community’s 16 buildings are positioned a mile west of the Fair Oaks Boulevard retail corridor. A small, CVS-anchored shopping center is across the street from the property. The asset is roughly 10 miles northeast of downtown Sacramento, with public transportation linking the areas.
Carmichael Village contains one- and two-bedroom apartments, with floorplans ranging from 640 to 968 square feet. Community amenities include a swimming pool, laundry facilities, a clubhouse and covered parking. Following a dip in vacancy last fall, the community was fully occupied as of February, per Yardi Matrix data.
Late last year, a community located within a mile of Carmichael Village changed hands in an $8 million transaction.