Marcus & Millichap completes Class B apartment sale

Marcus & Millichap negotiated the sale of Alder Grove Apartments in North Highlands, Calif.

The property commanded a sales price of $11.2 million.

Alder Grove Apartments is located at 3939 Madison Ave. in North Highlands, a suburb of Sacramento. The class B property was constructed in 1985 and encompasses 105,620 rentable square feet with a total of 116 units. The unit mix is comprised of 12 one-bedroom, 92 two-bedroom and 12 three-bedroom apartment homes, ranging in size from 880 to 1,025 square feet.

A locally based investment partnership sold the property to a Pismo Beach, Calif.-based private investor.

At the time of sale, occupancy was 95 percent.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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