Northmarq secures $23.5M sale of 2-property multifamily portfolio in Ukiah, CA
Above photo: Sierra Sunset Village. Source: Northmarq
UKIAH, Calif — Northmarq’s Walnut Creek Investment Sales team led by Zach LeBeouf and Anthony Pappageorge successfully brokered the $23.5 million sale of the Ukiah Portfolio, a 121-unit two-property multifamily portfolio comprising two apartment communities in Ukiah, California.
The portfolio consists of:
- Sierra Sunset Village: 505-531 Capps Ln., Ukiah, California | 68 units
- Alderwood Apartments: 1416 & 1450 S. State St., Ukiah, California | 53 units
Northmarq represented the seller, Ridge Capital Investors, LLC.
“The portfolio offered an opportunity to acquire renovated, family-oriented communities with additional upside through the continuation of the seller’s already-proven interior renovation strategy and the ability to push rents further in a strong rent growth market,” LeBeouf said.
Situated in the heart of Mendocino County, the communities benefit from high occupancy, limited new supply and sustained rent growth. The portfolio offered an opportunity to acquire renovated, family-oriented communities with additional upside through below-market rents and operational enhancements.
Sierra Sunset Village features predominantly two-bedroom apartment homes with open floor plans, high ceilings, stainless steel appliances, hardwood-style flooring and central air conditioning. Community amenities include a swimming pool, fitness center and outdoor picnic area.
The community is conveniently located near public transportation, shopping centers and restaurants.
Alderwood Apartments offers a mix of two- and three-bedroom residences featuring energy-efficient appliances, hardwood-style flooring, private balconies and air conditioning. Community amenities include a resort-style swimming pool, covered garage parking and outdoor grilling areas.
The community also provides residents with near access to the Ukiah Municipal Airport.
Meet our team
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 $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
