Jacobson Co. Sells Two-Property Multifamily Portfolio in Metro Sacramento for $34.2M

SACRAMENTO, CALIF. — The Jacobson Co. has completed the disposition of two multifamily properties in metro Sacramento. Nearon acquired the 231-unit portfolio for $34.2 million, or approximately $148,000 per unit.

The portfolio includes:

• The Cottage Bell, a 161-unit property in the Arden Arcade neighborhood of Sacramento County that sold for $23.3 million.
• Hilltop Garden, a 70-unit property in Carmichael, an unincorporated suburb of Sacramento, that sold for $10.9 million.

Situated on a combined 9.6 acres, the properties feature a unit mix of one-, two- and three-bedroom floor plans with an average unit size of 744 square feet.

Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, along with Tony DeLoney and Ken Blomsterberg of Marcus & Millichap, represented the seller in the deal.