(EDITOR’S NOTE: According to public records, the seller of the asset was an entity affiliated with Folsom-based FPI Management Inc.)
Property Offers Significant Upside Opportunity for New Owner
SACRAMENTO, CALIF. – Transwestern Real Estate Services (TRS) announces its team of Shivu Srinivasan, Robert Dau, Dante Giacomini and Connor McGarty represented the buyer and seller in the sale of The Mews at Dixon Farms, a 95-unit multifamily community at 1300 W H St. in Dixon, California. Ridge Capital Investors, LLC purchased the property from an undisclosed seller for $23,900,000, or $252,000 per unit. The transaction was successfully closed at the full contract price.
“The Mews at Dixon Farms is uniquely positioned as the only market rate property in Dixon,” said Srinivasan. “There is a tremendous opportunity to renovate the complex and capture large rental upside.” The team described the achieved price as very strong for the city of Dixon.
The Mews features a strong unit mix of one- to three-bedroom apartments, offering a variety of home options for Dixon’s eclectic demographics. With convenient access to Interstate 80, the property is 10 miles from the University of California at Davis, whose large skilled and educated workforce makes Dixon ideal for micro commuters looking for reasonably priced apartment options. In addition, the area boasts strong private and public job sectors.
“Solano County and the entire I-80 corridor has seen strong rent growth during the pandemic, solidifying the area as a nationally appealing market,” Srinivasan added. “Nearby Sacramento’s trendy arts, entertainment and nightlife scene including hosting the NBA’s Sacramento Kings position the asset to provide tremendous year over year rent growth.”
Year-to-date, Transwestern’s San Francisco Investment Services and Multifamily Sales team has brokered several transactions in greater Sacramento and the I-80 corridor, totaling almost 600 units with a combined value of over $120 million.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions.