Marcus & Millichap has successfully closed the sale of Olivetree Senior Citizen Apartments, a 44-unit seniors housing property located in Olivehurst. The property was sold for $3,265,000.
The transaction was facilitated by senior associate Aaron Moayed and first VP investments Isaak Heitzeberg from Marcus & Millichap’s Sacramento office. They represented the seller, a government agency, and also procured the buyer Dawson Holdings Inc. (DHI).
The deal generated multiple competitive bids and closed in record time with zero days on the market. According to Moayed: “DHI was awarded a 9% tax credit allocation through acquisition-rehabilitation tax credits which will enable them to enhance the value and sustainability of this property.” He added that this resulted in a premium being paid for the property due to cash-flow restrictions associated with USDA RD 515 program.
Located at 1901 Seventh Avenue in Olivehurst, Olivetree Senior Citizen Apartments is set to undergo comprehensive rehabilitation under its new ownership which will greatly benefit its tenants as well as all parties involved in this transaction according to Moayed: “This is truly a win-win situation for everyone involved including tenants who stand poised to benefit immensely from these developments.”
