Roseville, June 14, 2016 — Gallelli Real Estate is excited to announce the sale of Azalea Court located at 3821 Marconi Avenue in Sacramento, California. The 4 two-story apartment building complex closed Tuesday, June 14th with 100% occupancy for $8,910,000. Built in 1965 on 4.09 acres, the property has had exterior renovations and upgrades throughout the complex.
The new owner, an active buyer in the Sacramento market, was looking to add to his multifamily portfolio. Azalea Court was a unique opportunity within the Marconi Avenue corridor with a majority of its 119 units being 2-bedroom.
“It is a good time to buy B and C class properties. There is a fair amount of inventory available in the market, priced less competitively than the A class properties.” Rod Ballinger, Senior Vice President, Gallelli Real Estate.
“The apartment was well occupied and because of the desired unit mix, the new ownership has the opportunity to create additional revenue through interior renovations,” said Gary Gallelli, Managing Director.
About Gallelli Real Estate
Gallelli Real Estate is a boutique firm that specializes in commercial estate services and property management. We believe that as a boutique firm whose understanding of the business runs as deep as our core values, our advantage is large. We take pride in our unique approach to offer more individual solutions that address the ever changing needs of our clients and the industry. After all, our success is measured by the success of our clients and the strength and longevity of our relationships. For the latest news from Gallelli Real Estate, visit GallelliRE.com, or follow us on Twitter: @Gallelli_RE and LinkedIn.