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| Waterstone Apartment Homes, Tracy, CA |
TRACY, CA –
Institutional Property Advisors (IPA), a multifamily brokerage division of
Marcus & Millichap serving the needs of institutional and major private
investors, has arranged the sale of Waterstone Apartment Homes, a
156-unit apartment community in Tracy. The $25,250,000 sale price equates to
approximately $161,800 per unit.
Stanford Jones, an IPA executive vice president
investments, and Philip Saglimbeni and Salvatore Saglimbeni, IPA
vice presidents investments, advised the seller, Fairfield Edgewood Station
LP. The buyer was MG Properties Group.
“Waterstone Apartment Homes’ historically stable operations,
luxury status and free and clear delivery all added to its appeal for the
investor,” says Jones.
“The
property’s revenue has been trending up over the last three months, which
reflects well on the investor’s timing,” adds Philip Saglimbeni.
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| Philip Saglimbeni |
“This property attracts upscale tenants,” Sal Saglimbeni concludes,
“but has rents lower than those of comparable luxury communities in the
neighboring East Bay cities of Livermore, Dublin and Pleasanton, allowing room
for upside.”
Located at 1951 West Middlefield Drive, the 152,674-square
foot property, completed in 2007, comprises seven three-story residential
buildings and a one-story community building, all with stucco exteriors and
pitched shingle roofs. Its one- and two-bedroom floor plans average
approximately 979 square feet, with two-bedroom units making up 69 percent of
the total unit mix.
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| Sal Saglimbeni |
Unit amenities at Waterstone Apartment Homes include
nine-foot ceilings with crown molding accents, in-home washers and dryers,
central heating and air conditioning, oversized walk-in closets, illuminating
ceiling fans in master bedrooms and breakfast bars in select units.
Community
amenities include a fitness center, a pool and spa, a cabana and barbecue
pavilion, a community lounge with kitchen and bar, a resident business center
and a leasing office.
The apartment complex is situated within a reasonable
commute to many employment centers along interstates 580 and 680, as well as
from employers in Oakland, San Francisco, and the Silicon Valley.
The ACE train
station, a short drive from the property, provides employment access throughout
South Bay as well. Local shopping options including Red Maple Village, West
Valley Mall and the Tracy Outlet Center are minutes away, as are recreation and
entertainment opportunities, including historic downtown Tracy.
For a complete copy of the company’s news release, please
contact:
Ben Johnson,
Marketing Director
(925) 953-1736
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