TRI Commercial/CORFAC International brokers John Gallagher, CCIM, CPM and Dean Bagneschi of The Apartment Advisory Team recently closed the $50.4 million sale of Sherwood Apartments.
The 336-unit Class-A complex in Folsom, CA was completed in 2002 and has maintained 96% occupancy in recent years. The sale price amounts to $150,000 per unit and is the highest price per unit paid for Sacramento area multifamily property since 2008.
Gallagher and Bagneschi represented both the buyer and the seller. The seller was Sherwood Apartments LLC and the buyer was Sherwood Iron Point LP, a Bay Area investor.
The Sherwood sale represents part of the flight to quality, trend, according to the brokers. The property is adjacent to a planned 440-bed Kaiser Hospital as well as the nearly completed 600,000 sq. ft. Palladio at Broadstone mixed-use development, consisting of a 16-screen theater, outdoor retail mall and class-A suburban office.
In 1977, TRI Commercial established itself as a full service real estate firm. It currently has offices in San Francisco, Oakland, Roseville, Rocklin and Walnut Creek, Calif. As a member of CORFAC International, TRI offers national and international coverage.