Sacramento Apartment Complex Sells for $16M

SACRAMENTO-Security Properties, Inc., a Seattle company, has purchased the 200-unit Greenhaven Lake Apartments complex in Sacramento for approximately $16 million.

The sale price of $15.6 million represents $89 per square foot and $77,938 per unit. Rocky Schotsal of Marcus & Millichap Real Estate Investment Brokerage Company had the exclusive listing to market the property for the seller, a Sacramento-based private investor, while Kevin Turner, also of M&M, represented the buyer.

Greenhaven Lake Apartments consists of 200 units at 401 W. Florin Road, which is located seven miles from downtown Sacramento. The property includes 176,000-sf on 12 acres of land. It was built in 1980, and was recently renovated. Rental rates range from $775 to $1,178 per month. The complex’s amenities include a pool, Jacuzzi, and a two-story clubhouse and rental office with kitchen, fireplace, exercise room and sauna. According to M&M, the property is approximately 95% occupied.