Vacaville, CA- The Pinza Group, the leading East Bay Multifamily Sales Brokerage, has announced the sale of the Heritage Apartments in Vacaville, CA. Steven Pinza, Esq. competed against multiple brokerages to obtain the listing, procured multiple offers, and represented the Buyer and Seller in the transaction which sold for $3,500,000. The sale equated to an above average cap rate and a lower than average GRM.
Built in 1945 and boasting a unique unit mix of 24 studios, one 2bd/1bth, and one 2bd/2bth, the property presents a unique opportunity for a new or seasoned investor to purchase a well maintained property with high in place rents in a quiet residential location in Vacaville. The Heritage Apartments boast onsite, coin operated laundry, a sparkling pool with common area, a management office, and a tranquil setting. Further, the property has ample parking, sits on a corner of a quiet intersection, and has many improvements that can be made by the next owner including but not limited to implementing increased utility pass throughs to tenants, a full solar program, or charging for extra parking or storage. The offering of the Heritage Apartments provides a new owner a strong going in CAP rate of 7.75%, for a prime like complex, in a strategical location.
The Heritage Apartments location makes it ideal for tenant commuters to blend an easy work commute with a short drive to many of California’s top destination spots like the Napa and Sonoma Wine Countries, thereby allowing a high-quality lifestyle which is close to all local attractions, freeways, shopping, and dining. These tenant benefits should ensure continued high occupancy, strong demand, and further rent growth at the property for a new owner.
About The Pinza Group
The Pinza Group, Inc was named as the 2014, 2015, 2016, 2017, and 2018 Top Real Estate Sales Brokerage by CoStar, and is the only privately held investment real estate brokerage to receive the prestigious award in 2014, 2015, 2016, and 2017. The Pinza Group is a full service investment real estate sales firm located in Walnut Creek, California.
Founded in 2013, The Pinza Group is a leader in investment real estate sales with over 125 apartment sales in the last 24 months. The Pinza Group is an investment real estate brokerage built on a strong foundation of integrity, dedication, and experience which allows us to provide significant value to existing and future clients. Since The Pinza Group focuses exclusively on investment real estate, all of our efforts and resources are spent researching, brokering, and underwriting commercial properties in the East Bay. The Pinza Group has devoted significant resources to build an effective list of owners, investors, and brokers in the area which has allowed us to create an innovative marketing platform allowing us to deliver incredible value to both owners and investors.