dev.citrusheightssentinel.com

Tag: Marcus & Millichap

  • 124-unit apartment complex in Citrus Heights sells for $25 Million

    The Woods apartment complex is located at 6413 Tupelo Drive, in Citrus Heights. // M. Hazlip

    By Mike Hazlip—
    A large apartment complex near Stones Gambling Hall has been sold to a Walnut Creek-based investment firm in a $25 million deal, according to a report by the Sacramento Business Journal.

    Brokerage firm Marcus & Millichap assisted in selling the property at 6413 Tupelo Drive from Ridge Capital Investors to Tilden Properties LLC, according to the report. With 124 units on site, the price per unit was around $204,000, with each ranging in size from 650 to 900-square-feet.

    Information from the San Francisco-based Ridge Capital Investors’ online portfolio shows the company had acquired The Woods in 2018 for $18.5 million, with plans to remodel the property. Renovation plans were estimated at $25,000 per unit for cosmetic upgrades inside and out, along with “the addition of new common area amenities,” the company said in a 2018 description of the asset.

    Tilden Properties will have room to invest in the asset, The Journal reports, with some units still needing washers and dryers. Tilden lists 24 properties throughout California in its portfolio, including four in Davis. The Woods was not listed in the portfolio as of press time. Tilden also lists properties in Washington, Nevada, Texas, and Oklahoma.

    The Woods was on the market for 45 days, according to The Journal. The community  lists a fitness center, pool, and laundry facilities among its amenities.

    Also on The Sentinel: Citrus Heights Real Estate Market: see which homes sold last month

    Want to follow local news in Citrus Heights? Sign up for The Sentinel’s free email edition and get two emails a week with all local news and no spam. (Click here)

  • Portion of Citrus Heights shopping plaza up for sale

    Five properties on the western side of SummerHill Plaza in Citrus Heights were listed for sale in January. // Image credit: Google. Boundary lines not exact.

    By Mike Hazlip—
    Several properties on the western end of SummerHill Plaza in Citrus Heights, better known as the Raley’s shopping center, were listed for sale earlier this year — with buyers already quick to take action.

    The listing on the commercial real estate site LoopNet shows five properties on the west side of the plaza were listed on Jan. 7 for a total of just over $3 million, with properties also able to be individually purchased. The properties together make up about two acres of the plaza, according to the listing.

    Marcus & Millichap agent Wyatt Figueroa told The Sentinel in a phone call Tuesday that the fully leased property at 7900-7904 Zenith Drive had already sold, which is home to a dentist’s office and an optometrist.

    Tenants in the other buildings for sale include Extreme Hummus, the United States Post Office, and Summer Hills Veterinary Hospital. One building is currently vacant. Figueroa said existing tenants are planning to stay, calling the deal “clean and simple.”

    Also on The Sentinel: New Dutch Bros opens in SummerHill plaza

    Both the Extreme Hummus building and the Post Office building are in escrow. Figueroa said the vacant building and the veterinary hospital building were still available as of March 4, but “not for long.” He said an offer was received on the vacant building on Thursday, and said the other property has had “significant interest from 3 buyers.”

    Figueroa did not comment on future tenants for the vacant property, but said he’s seen a lot of interest from buyers in the medical sector.

    The 3,400-square-foot vacant building is listed at $504,000, while the partially leased 3,600-square-foot building with a veterinary hospital is listed at just over $576,000.

    See property listing on LoopNet: click here

    Commercial properties are becoming available as other businesses are reducing their footprint. He said employees working from home have caused a shift in the commercial real estate market as well as residential.

    Demand for multi-family and office properties has slowed, according to the agent, while demand for single-family residential homes has spiked since the initial stages of the pandemic almost a year ago.

    *Follow local business news by signing up for The Sentinel’s free weekly e-Edition: click here to sign up.