FAIRFIELD, Calif., Feb. 28, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Avery Park Apartments and Bennington Apartments, a two-property, 268-unit multifamily portfolio in Fairfield, California. The $49,700,000 sales price equates to $185,450 per unit.
“Avery Park and Bennington provide a relatively affordable option for residents who are priced out of the core markets in the eastern region of the San Francisco Bay Area,” says Salvatore Saglimbeni, senior managing director. “Strong rent growth and occupancy in Fairfield support value-add strategies for both assets.”
Saglimbeni, Stanford Jones, executive director, and Philip Saglimbeni, senior managing director, represented the sellers, Fairfield Quail Terrace LLC and Fairfield Sheffield Greens LLC. The buyer is Jackson Square Properties.
Avery Park Apartments and Bennington Apartments are located within a short drive of local employers such as Genentech, Honeywell, Jelly Belly Candy Co., NorthBay Medical Center, Anheuser-Busch Co., Travis Credit Union, and Travis Air Force Base. Fairfield’s central location allows for easy commutes to the East Bay and San Francisco employment corridors, as well as east to Davis and Sacramento, and west to Napa.
Constructed in 1986, both properties feature park-like settings with landscaped greenbelts and a combined low-density aesthetic of 17 units per acre. Avery Park Apartments and Bennington Apartments offer one- and two-bedroom floor plans with average unit sizes of 884 square feet and 864 square feet, respectively.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.