Northmarq brokers sale of garden-style apartments in Vallejo, CA for $4.6 million
WALNUT CREEK, Calif. (July 23, 2024) — Northmarq’s Walnut Creek Multifamily Investment Sales team of Zach LeBeouf and Anthony Pappageorge successfully brokered the $4.6 million sale of a 36-unit (one non-conforming) multifamily community in Vallejo, California. The property was built in 1972 and is located at 1321 Santa Clara Street.
Northmarq represented the buyer, Mike Rippey, in his second acquisition in Vallejo. The seller was GRUPE based in Stockton, Calif.
“The property was 70% occupied at the time of the sale,” said LeBeouf. “The buyer’s experience in Vallejo gave him the confidence to normalize occupancy before the end of the year. The starting cap rate was 5%, but upon normalizing the occupancy, the property stabilizes to a near 10% cap rate.”
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