South Sacramento apartments trade hands with 1031 exchange buyer from San Jose

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6420 46th Street Apartments (South Sacramento) – 14 units sold in 3 weeks

Almost three years ago an Australian investor acquired 6420 46th Street (14 unit apartments) in South Sacramento “site unseen” for $875,000 ($62,500 per unit / $70 per square foot). The property, built in 1990, was in good condition at the time of sale, but had been managed by a local owner for the previous nine years. Due to the hands on approach, average length of tenant occupancy was around four years at the time of sale (Nov 2011) and the landlord had been able to collect rents fairly well.  The new, absentee owner, tried to manage the property from afar with local family assistance and quickly ran into trouble during the first six months. It was readily apparent that a professional management company needed to be called in to right the ship.    

Click here for related article by the Sacramento Business Journal.

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Opportunity Knocks for the Sale of Apartments in Sacramento

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People who live and work in California’s State Capitol of Sacramento are still reeling from the de-leveraging effects of the housing collapse.  Many workers lost good paying jobs and could no longer maintain their mortgage payments, ultimately losing homes to foreclosure.  Others, who were able to keep their jobs, experienced such a dramatic reduction in home values that equity lines of credit were cut off and refinancing to take advantage of historic low rates became impossible.

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Bay Area Investors Snap Up Small Sacramento Complex – Sacramento Business Journal

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An article by Sacramento Business Journal’s staff writer, Sanford Nax, suggests Bay Area investors continue to buy Sacramento commercial real estate for higher yields.  The recent closing of a 13 unit apartment complex in South Sacramento by Brian Jacks, Regional Vice President of East West Commercial Real Estate, is discussed.  Click here to see article.

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