TRI Commercial/CORFAC International Facilitates $15.9MM Sale of Two Stockton Apartment Communities

TRI Commercial/CORFAC International, Stockton, Patmon Sorrento LP, Cypress Apartments, Ashley Park Apartments, Sacramento
Ashley Park Apartments
TRI Commercial/CORFAC International, Stockton
Ashley Park Apartments

Stockton, CA – December 16, 2016 — TRI Commercial/CORFAC International Managing Regional Director Ed Benoit, CCIM, announced today that his firm has facilitated the sale of two Stockton apartment communities for a combined total of $15.9 million.

TRI’s Brian Purcell, a Multifamily Investment Specialist based in the firm’s Roseville office, represented the seller, Kuchich LP in the disposition of Cypress Apartments located at 1011 Rosemarie Lane and Ashley Park Apartments located at 6232 N. Pershing Avenue, both in Stockton, CA. Stockton is approximately 50 miles south of Sacramento and just off of Interstate 5.

The buyer of both multifamily communities was Patmon Sorrento LP.

Cypress Apartments is comprised of 126 apartment homes on about 4.41 acres. It has 70 one-bedroom and 56 two-bedroom units in seven buildings. Built in 1979, current rents average $725 for one-bedrooms and $850 for two-bedrooms. Sale price was $8.4 million.

Ashley Park Apartments (pictured above) has 106 units, 86 of which are one-bedroom apartments while 20 have two bedrooms. Average rents for the one-bedroom units are $685 and the two-bedroom apartments have average monthly rents of $835 per apartment home. The multifamily asset traded for $7.5 million.

Purcell joined TRI Commercial from Marcus & Millichap this spring.

About TRI Commercial/CORFAC International
Founded in 1977, TRI Commercial/CORFAC International is a leading Northern California commercial real estate brokerage and property management firm specializing in San Francisco, East Bay and the Sacramento Metro property markets. The company has expertise in tenant and landlord representation services and helps clients buy and sell commercial and investment-grade property. The company serves office, retail, and land, multifamily and industrial property sectors, with offices in San Francisco, Oakland, Walnut Creek, two in Sacramento, its regional headquarters in Roseville and one office in Rocklin. For more information, visit www.tricommercial.com or call 916.877.8000.

About CORFAC International
CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail properties, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. CORFAC has more than 80 offices throughout the Americas, Europe and Asia and in 2016 was recognized as a top 20 Commercial Real Estate Brokerage Services firm by the National Real Estate Investor. Founded in 1989, CORFAC firms completed more than 11,000 lease and sales transactions in 2015 totaling 500 million square feet of space valued in excess of $8.5 billion. For more information on the CORFAC network, call the Chicago headquarters at 224.257.4400 or visit www.corfac.com.

West Coast Commercial Real Estate News