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| Parkwood Apartments, 6930 Fair Oaks Boulevard, Carmichael, CA |
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| Eric Price |
CARMICHAEL, CA, Jan. 24, 2014 – Marcus & Millichap Real
Estate Investment Services, the nation’s largest real estate investment
services firm, has arranged the sale of Parkwood, a 197-unit apartment
complex in Carmichael, a city within the greater Sacramento, Calif.
metropolitan area. The $14,250,000 sales price equates to $72,335 per unit.
Eric
Price, a senior associate in Marcus & Millichap’s Sacramento office,
represented the buyer and seller, two family trusts.
“The sale
of Parkwood demonstrates the demand from private investors for core assets in
Sacramento’s premier rental markets,” says Price. “The new owner is in an
excellent position to benefit from the area’s resurgent housing market and continued
movement in rents.”
The
property is located at 6930 Fair Oaks Blvd. in Carmichael across the street
from the largest park in the area, Carmichael Park, which features six tennis
courts, four baseball diamonds, a large children’s play area and an off-leash
dog park.
Safeway, Bel Air and Big Lots are nearby and Fair Oaks
Boulevard, Carmichael’s main thoroughfare, is home to many other retailers and
restaurants, services and employment opportunities.
Constructed in two phases on 7.2 acres in 1973 and 1985, Parkwood’s unit
mix features one- and two-bedroom floor plans. Many units have additional half-
or quarter-baths and 10 have had washers and dryers installed.
All of the
apartments feature well-equipped kitchens with dishwashers, disposals and
electric appliances. Select units have vaulted ceilings and outside storage
space.
Parkwood’s community amenities include access gates, two swimming pools,
a fitness and recreation center, four laundry rooms and reserved parking for
every apartment.
Recent
renovations include parking lot resurfacing, siding repair and new exterior
paint.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations
Manager
(925) 953-1716
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