141-Unit Apartment Community in Sacramento Sells for $13.5MM

Syska Hennessy, Sacramento
Photo by Craig Pattenaude on Unsplash

SACRAMENTO, Calif.–The Mogharebi Group, (“TMG”) has completed the sale of Continental Terrace in Sacramento, a 141-unit community, located at 6921 Lewiston Way. The property sold with multiple offers for $13,500,000 (roughly $95,745 per unit). The buyer was a private investment group out of the Los Angeles area [and the seller was an entity associated with Bernadette and Bernice Sy of San Francisco].

“Due to the competitive institutional inventory in the Sacramento Market area, and lower rents than the competition, Continental Terrace was a quick sale,” says Robin Kane, Senior Vice President of TMG. “It was our proprietary 1031 exchange platform, of private high net-worth and exchange buyers, that ultimately procured a private investor who was in a 1031 Exchange and purchased the property as his up-leg,” Mr. Kane concluded. “The property offered an opportunity to enhance yield in the near term delivering the buyer maximum value.”

Built in 1973 / 1979, Continental Terrace Apartments is a two story, 141-unit apartment community that is located on Lewiston Way in Sacramento, CA. The property comprises 7 residential and 1 common area buildings totaling 77,100 rentable square feet. The complex is situated on a 5.14-acre site with 205 surface parking spaces. The apartment homes feature spacious studio and one-bedroom floor plans. The property boasts a swimming pool, clubhouse, outdoor picnic area, controlled access community, and laundry facilities.

About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unparalleled local knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

West Coast Commercial Real Estate News