NAI Northern California Arranges Sale of Vines on 80 Apartments.
Berger & Associates of NAI Northern California announces the sale of The Vines on 80, a 63-unit multifamily community at 3950 Business Center Dr. in Fairfield, California. Berger & Associates team of Ethan Berger and Marco McMullen represented the seller in the transaction, valued at $21.5M.
The Vines represented a rare opportunity to purchase a late vintage property with institutional quality amenities in a market with 98% occupancy and 5% rent growth. The property is equidistant from San Francisco and Sacramento along the 80-corridor making it appealing for tenants commuting to either area. Additionally, the location is appealing to “suburban flight” renters, as residents relocate from the major metros to a more affordable market and work remotely.
“The quality and size of the asset resonated well with investors”, said Berger. “However, the major headwind to completing the transaction was existing financing that had to be assumed and did not offer a particularly favorable interest rate or attractive LTV”.
Built in 2017 The Vines on 80 features one-bedroom, two-bedroom and three-bedroom floorplans all with in-unit laundry, central heat and air, patio or deck area and individual garage or covered parking. Community amenities include club house, rental office, fitness center, outdoor lounge are with gas grill, and play structure.