Northmarq brokers sale of garden-style apartments in Vallejo, CA for $4.6 million
![36-unit multifamily apartments](/sites/default/files/styles/4x3_half/public/images/Pointe%2038.jpg?itok=s02lLYwY)
WALNUT CREEK, Calif. (July 23, 2024) — Northmarq’s Walnut Creek Multifamily Investment Sales team of Zach LeBeouf and Anthony Pappageorge successfully brokered the $4.6 million sale of a 36-unit (one non-conforming) multifamily community in Vallejo, California. The property was built in 1972 and is located at 1321 Santa Clara Street.
Northmarq represented the buyer, Mike Rippey, in his second acquisition in Vallejo. The seller was GRUPE based in Stockton, Calif.
“The property was 70% occupied at the time of the sale,” said LeBeouf. “The buyer’s experience in Vallejo gave him the confidence to normalize occupancy before the end of the year. The starting cap rate was 5%, but upon normalizing the occupancy, the property stabilizes to a near 10% cap rate.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of more than $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.