Marcus & Millichap brokered the sale of the Heritage House Apartments in Davis, Calif.
The value of the transaction was approximately $18 million.
Heritage House Apartments is located at 515 Sycamore Lane, across from the University of California at Davis campus. The 161-unit property was originally constructed in 1966 and includes 105,826 rentable square feet on approximately 2.1 acres. The unit mix is comprised of two studios, 74 one-bedroom and 85 two-bedroom apartments, which range in size from 488 to 768 square feet. Community amenities include an outdoor swimming pool, recreation room and laundry facilities.
At the time of sale, occupancy was 100 percent.
A locally based private investor sold the property to a San Diego-based private investor through a 1031-exchange transaction.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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