NORTH HIGHLANDS, CALIF. — Marcus & Millichap has brokered the acquisition of McClellan Court Apartments, a multifamily community located in North Highlands, a suburb of Sacramento. A private investor purchased the asset for $18.5 million, or $129,370 per unit.
Eduardo Vergara and Louis Kwok of Marcus & Millichap represented the buyer in the deal. David Campbell, also of Marcus & Millichap, arranged $13.9 million in acquisition financing for the buyer. The 30-year loan was structured with a West Coast-based financial services company at a competitive interest rate and 75 percent loan-to-value ratio.
Built in 1960 on five acres, the 84,681-square-foot property features 131 one-bedroom units, nine two-bedroom units and two three-bedroom units, as well as a 150-space parking lot.