VALLEJO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Blue Rock Village, (top right photo) a 560-unit multi-family community in Vallejo.
The sales price of $54.4 million represented $97,143 per unit.
Stanford Jones, (bottom left photo) an executive vice president and senior director of Marcus & Millichap’s National Multi Housing Group (NMHG) in Palo Alto, and Phil Saglimbeni and Sal Saglimbeni, both senior directors of the firm’s NMHG in Palo Alto, represented the seller, a publicly traded REIT.
Marcus & Millichap also represented the buyer, a San Francisco-based private ownership group.
“While capital markets turmoil has rendered it very difficult for most institutional buyers to successfully acquire assets, well-capitalized private groups will continue to be well positioned given the cur
rent environment,” says Jones. “The broker’s ability to source uniquely motivated buyers is paramount to the success of any disposition effort.”
rent environment,” says Jones. “The broker’s ability to source uniquely motivated buyers is paramount to the success of any disposition effort.” “Even in a challenging market, this transaction is evidence that properly marketed, quality assets will attract strong buyers,” adds Phil Saglimbeni.
Located at 1900-2000 Ascot Parkway, the 448,256-square foot apartment community is situated near the Blue Rock Springs Golf Course and National Park, Six Flags Marine World, historic Mare Island and Old Town Benicia, and world-famous Napa Valley, which is just 11 miles away.
Commuting options include the ferry or bus to San Francisco and easy access to Interstates 80, 780, 680 and California Highways 29 and 37.
Blue Rock Village features a mix of one- and two-bedroom units. Interior amenities include private balcony or patio, functional kitchen layouts, generous walk-in closets and covered parking.
Community amenities include swimming pools and spa, a well-equipped fitness center, picnic areas and gated community living.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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