Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, finalized the sale of Sterling Pointe Apartments, a 57-unit apartment property located in Davis, California near Sacramento. The sale price was $13,350,000.
“This sale marks the largest apartment transaction in Davis since January 2023,” said John Garrett, first VP investments in Marcus & Millichap’s San Francisco office. Garrett and Brad Pennington, SVP investments in the firm’s San Francisco office, marketed the property on behalf of the sellers, a family trust.
“The sellers strategically decided to sell after a 22-year hold to complete a 1031 exchange into a larger asset they had already put under contract,” added Garrett. “The buyer, an affiliate of James Investment Partners from Encino, recognized the significant value-add opportunity the property presents. They are committed to enhancing Sterling Pointe with plans to upgrade the apartments to better serve the student community, invest in modernizing the property’s aging systems, and improve the landscaping.” Garrett and Pennington also procured the buyer.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
