Investor lands 2-property multifamily package

Marcus & Millichap negotiated the sale of the Woodlake Place I and Woodlake Place II apartment properties in Lodi, Calif.

The total value of the transaction was $16.1 million.

A Northern California-based private investor acquired the properties from a Lodi-based limited partnership.

Woodlake Place I and II are adjacent properties located at 2400 and 2401 Eilers Lane. The properties were constructed in 1988 with a combined total of 139 units and 156,593 rentable square feet. The properties' unit mix is comprised of 54 one-bedroom, 69 two-bedroom and 16 three-bedroom apartments, ranging in size from 945 to 1,328 square feet.

Occupancy was 95 percent at the time of sale.

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

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