SAN FRANCISCO, CA, November 8, 2018 –Union Hill Properties completed the acquisition of Del Mar apartments located at 5600 Mendocino Boulevard in Sacramento for a purchase price of $3.6 million ($90,000 per unit). Built in 1968, Del Mar consists of a 40-unit, two-story building on 1.15 acres with 100-foot palm trees at the entrance.
Union Hill Properties invested in the Fruitridge neighborhood located five miles southeast of downtown Sacramento due to its strong rental demand, market fundamentals, housing density, accessibility to transportation, and proximity to nearby tax-advantaged opportunity zones which should attract future capital and development.
“We see long-term value in the central urban infill location and high-quality building with an attractive mix of one- and two-bedroom units,” said Alan Heck, Principal at Union Hill Properties, “and we appreciate the opportunity to have a positive social impact in the community.”
Marc Andenmatten and Nate Oleson of Newmark Knight Frank served as broker for the transaction. Debt financing was provided by Greystone and Freddie Mac.
About Union Hill Properties
Union Hill Properties is a commercial real estate firm based in San Francisco engaged in the investment, development, and operation of multifamily workforce housing communities in urban areas in the western United States. Founded in 2014, Union Hill Properties currently owns and operates a multifamily portfolio located throughout California and Nevada.