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.
