Apartments purchased near Lake Tahoe

Supply-constrained market a major draw

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The Wolff Co. acquired Sierra Vista Apartments, a 94-unit community in South Lake Tahoe, Calif., for $10 million. The complex, built in 1975, is situated on an eight-acre parcel approximately five miles southwest of the California-Nevada state line. The community consists of 15 one- and two-story buildings, and comprises 44 one-bedroom, one-bathroom units and 50 two-bedroom, one-bathroom units. Jesse Wolff II, a principal at The Wolff Co., said the area's limited housing supply and potential for above-average rental income and occupancies made the property an attractive investment. Scottsdale, Ariz.-based The Wolff Co. is a privately owned company operating in the western United States....