Northmarq brokers sale of garden-style apartments in Vallejo, CA for $4.6 million

Pointe 38
Investment Sales - Multifamily
Multifamily
Sale
36-unit multifamily apartments

WALNUT CREEK, Calif. (July 23, 2024) — Northmarq’s Walnut Creek Multifamily Investment Sales team of Zach LeBeouf and Anthony Pappageorge successfully brokered the $4.6 million sale of a 36-unit (one non-conforming) multifamily community in Vallejo, California. The property was built in 1972 and is located at 1321 Santa Clara Street.

Northmarq represented the buyer, Mike Rippey, in his second acquisition in Vallejo. The seller was GRUPE based in Stockton, Calif.

“The property was 70% occupied at the time of the sale,” said LeBeouf. “The buyer’s experience in Vallejo gave him the confidence to normalize occupancy before the end of the year. The starting cap rate was 5%, but upon normalizing the occupancy, the property stabilizes to a near 10% cap rate.”

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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.
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