Waterstone Apartment Homes in Tracy, CA Commands $25.2 Million

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.

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.

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