Northmarq brokers $5 million 1031 exchange of Fairfield, CA Jasmine Gardens Apartments
Jasmine Gardens Apts
WALNUT CREEK, Calif. (Jan. 3, 2024) — Northmarq’s Walnut Creek Multifamily Investment Sales team of Zach LeBeouf, senior vice president, and Anthony Pappageorge, managing director, has completed the $5 million sale of Jasmine Gardens Apartments. The 28-unit multifamily property was built in 1986 and is located at 1979 Grande Circle in Fairfield. Northmarq represented both the seller and buyer in the transaction.
“This was a good transaction for both sides. The sale is a downleg for the seller, in which they plan to execute a 1031 exchange into a larger value-add asset,” said LeBeouf. “The purchase was a 1031 exchange for the buyer who had been looking for some time to add units in Solano County and capitalize on economies of scale.”
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
