(EDITOR’S NOTE: According to public records, the seller of the property is affiliated with Haven Residential. The firm originally purchased the asset in May of 2019 for $11.3 million, or about $148,684 per unit.)
FEB. 7, 2022 – Transwestern Real Estate Services (TRS) announces the sale of The Hawthorne Apartments, a 76-unit multifamily community at 5820 Sutter Ave. in Carmichael, California. Transwestern’s Shivu Srinivasan, Robert Dau, Dante Giacomini and Connor McGarty represented the buyer and seller in the off-market transaction, valued at $16.5 million, or $217,000 per unit.
“Transwestern presented a strong offer above the market amount, achieving a price of over $5 million higher than the previous sale price in 2019,” said Srinivasan. “This transaction provided a strong price per unit for the sellers while still identifying tremendous value-add potential for the buyer.
The Hawthorne Apartments offers a strong unit mix of one-, two- and three-bedroom apartments. The Carmichael/Citrus Heights submarket is of the most in-demand areas within the Sacramento MSA and boasts one of the lowest vacancies among Sacramento’s 15 submarkets. The property is located off I-80 and is within driving distance of the Bay Area, Lake Tahoe, and the Central Valley.