Buyer secured for California multifamily complex

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Marcus & Millichap brokered the sale of Vintage Grove Estates Apartments in Modesto, Calif. The 122-unit community sold for $12.6 million. A Northern California investment partnership sold the property to a San Francisco-based partnership. Vintage Grove Estates is located at 4033 Elmo Loop. Constructed in 1980, the garden-style community includes 126,054 rentable square feet on 9.3 acres. The unit mix includes 107 two-bedroom and 22 three-bedroom apartments, ranging in size from 876 to 1,266 square feet. At the time of sale, occupancy was 95 percent. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to