11-Property Santa Cruz Apartment Portfolio Sells for $15.5MM

Sereno Group CCIM Santa Cruz Bay Area Monterey Scotts Valley Apartment Andy Kay

Andy Kay, CCIM with Sereno Group, otherwise known as Apartment Andy announced that he represented the buyer in a purchase of an 11 property portfolio of apartment communities, which closed Dec 15, 2016 for a combined total of $15.5 million. The Santa Cruz market offers Bay Area investors looking for higher yields a fantastic opportunity in the closest Coastal community to Silicon Valley.

Andy Kay, a Multifamily Specialist works for Sereno Group. Andy has developed a niche in the Multi-Residential market, which extends from Santa Cruz through Monterey and has become the leading apartment broker in that marketplace. Andy represented the buyer in the disposition of this portfolio of 11 individual properties, the largest being a 20-unit property located at 4110 Scotts Valley Dr., Scotts Valley, CA. The other 10 properties were all located in Santa Cruz County as well.

This portfolio, a total of 68 units, had an actual current income of just under $1.2 million and traded with a 12.92 Gross Rent Multiplier. This is the second portfolio of properties Apartment Andy has sold recently in the Santa Cruz Market. The other was a 17 property portfolio consisting of small commercial, garden style apartments and single family properties accumulated over time by single owner and then sold to Andy’s buyer. The 17 property portfolio closed in Oct of 2015 for $12.4 million.

About Sereno Group/Andy Kay
Founded in 2006 Sereno Group is one of the fastest growing Real Estate firms in the Bay Area. Sereno Group started with an office in Los Gatos and now has offices in Palo Alto, Los Altos, Willow Glen, Saratoga, Santa Cruz, Soquel, Rio Del Mar and are still growing. With nearly 300 agents and Sales volume approaching $3 Billion in 2016 Sereno Group agents have the 5th highest per agent volume in the entire United States.

Andy Kay CCIM, is the leading Multi-Residential agent in the Santa Cruz/Monterey market. Know by his colleagues as Apartment Andy he focuses on acquisitions and disposition strategies for his Multi- Residential clients. Andy has expertise in NNN acquisitions, Charitable Remainder Trusts as just a few of the disposition strategies for his clients

For more information contact Apartment Andy 831-239-9002 or andy@serenogroup.com

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