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| DaVinci Court Apartments, Davis, CA |
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| Adam Levin |
DAVIS, CA– Marcus &
Millichap Real Estate Investment Services, the nation’s largest real estate
investment services firm, has arranged the sale of DaVinci Court
Apartments, a 51-unit student housing asset in
Davis, Calif. The $10,800,000 sales price equates to $211,765 per unit.
Peter Flis, a
first vice president investments in Marcus & Millichap’s Sacramento office,
represented the seller, Yolo Boundary LP.
Adam Levin, a vice
president investments, and Robert Johnston, a senior associate, both in the firm’s Palo Alto office, represented
the buyer, Tilden Da Vinci LLC.
“Davis is one of the strongest rental housing markets
in the United States,” says Flis. “The 15-year historical vacancy rate average
is just 1.7 percent.”
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| Robert Johnston |
“The area’s long history of low vacancy is a result of
high demand created by expanding enrollment at the University of California,
Davis (UCD), the high costs of land and development and the city government’s
growth restrictions,” adds Johnston.
Built in 2005 on just less than 2.5 acres at 1666
DaVinci Court in Davis, Calif., the property is within walking distance of the
UCD campus.
The four-story DaVinci Court Apartments features
studio, two-, three- and four-bedroom floor plans. More than 60 percent of the
units have four bedrooms and 85 percent contain two or more bedrooms.
Amenities include built-in microwave ovens, washer and
dryer connections, private balconies, patios, covered parking, a study lounge
with wireless Internet, a swimming pool and a spa.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
