Multifamily
Courtyard Village
3429 Evergreen Cir, West Sacramento, CA 95691
Listing Price: $36,250,000
Investment Overview
Marcus and Millichap are proud to announce the listing of Courtyard Apartments in West Sacramento. This 296-unit affordable housing development in West Sacramento comprises 166 two-bedroom units and 129 one-bedroom units, all designated for households earning between 50% and 60% or less of the Area Median Income (AMI).
The property's current rents are approximately $1.6 million below the maximum allowable rents set by the California Tax Credit Allocation Committee (CTCAC). This significant gap presents a substantial opportunity for rent increases. Because the rents are so far below area market rents, the buyer will be able to take over a property that can reach its potential upside without having to do any significant work on the property. Instead, the owner can focus and maximizing management and increasing the returns with each new move in and passing rent. Thus, the property represents a bit of a goldilocks, a true Value Add, without the need to infuse a huge up front investment of capital in improvements.
West Sacramento's housing market is characterized by a high demand for affordable rental units. The population is growing rapidly in West Sacramento, having increased by 54% from 2000-2010, and again 10% from 2010-20. Today, the city continues to grow faster than most cities in CA, due to its location, affordability, proximity to Sacramento proper and its strong jobs market. Thus, the city has also begun to experience higher rents, with the average rent in the city today over $2,244 per month. The subject property currently has an average rent of $843 for 1BD units, and $1,104 for 2BD units, with maximum rents in place hundreds of dollars higher already. Therefore, the potential upside is real, not just theoretical.
This 296-unit LIHTC property in West Sacramento offers a compelling investment opportunity with significant rental upside. The right buyer will see the low rents, location, surrounding rental market and realize this is one of the best properties on the market today, with a strong price per unit, and big upside potential.
Courtyard Village
Investment Highlights
- 296 Units in West Sacramento, one of the fastest growing cities in CA.
- Strong Value Add Opportunity, with huge upside in rents.
- Excellent Unit make up, with 166 2 BD Units, and 129 1 BD Units.
- Easy access to transportation, along I80, I50, and I5 all within a few miles.
Exclusively Listed By
Listing Price: $36,250,000
Investment Highlights
- 296 Units in West Sacramento, one of the fastest growing cities in CA.
- Strong Value Add Opportunity, with huge upside in rents.
- Excellent Unit make up, with 166 2 BD Units, and 129 1 BD Units.
- Easy access to transportation, along I80, I50, and I5 all within a few miles.
Investment Overview
Marcus and Millichap are proud to announce the listing of Courtyard Apartments in West Sacramento. This 296-unit affordable housing development in West Sacramento comprises 166 two-bedroom units and 129 one-bedroom units, all designated for households earning between 50% and 60% or less of the Area Median Income (AMI). The property's current rents are approximately $1.6 million below the maximum allowable rents set by the California Tax Credit Allocation Committee (CTCAC). This significant gap presents a substantial opportunity for rent increases. Because the rents are so far below area market rents, the buyer will be able to take over a property that can reach its potential upside without having to do any significant work on the property. Instead, the owner can focus and maximizing management and increasing the returns with each new move in and passing rent. Thus, the property represents a bit of a goldilocks, a true Value Add, without the need to infuse a huge up front investment of capital in improvements. West Sacramento's housing market is characterized by a high demand for affordable rental units. The population is growing rapidly in West Sacramento, having increased by 54% from 2000-2010, and again 10% from 2010-20. Today, the city continues to grow faster than most cities in CA, due to its location, affordability, proximity to Sacramento proper and its strong jobs market. Thus, the city has also begun to experience higher rents, with the average rent in the city today over $2,244 per month. The subject property currently has an average rent of $843 for 1BD units, and $1,104 for 2BD units, with maximum rents in place hundreds of dollars higher already. Therefore, the potential upside is real, not just theoretical. This 296-unit LIHTC property in West Sacramento offers a compelling investment opportunity with significant rental upside. The right buyer will see the low rents, location, surrounding rental market and realize this is one of the best properties on the market today, with a strong price per unit, and big upside potential.
Exclusively Listed By
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