Marcus & Millichap, a leading real estate investment firm, recently closed the sale of Sterling Pointe Apartments in Davis. The 57-unit apartment property was sold for $13,350,000.
According to John Garrett, first VP investments at Marcus & Millichap’s San Francisco office: “This transaction is the largest apartment sale in Davis since January 2023.” Garrett and Brad Pennington from the same office represented the sellers – a family trust – in marketing this property.
Garrett also mentioned that after holding onto this property for 22 years, the sellers strategically decided to sell and complete a 1031 exchange into a larger asset they had already put under contract. The buyer of Sterling Pointe Apartments is an affiliate of James Investment Partners from Encino who recognized its potential as an excellent value-add opportunity. They plan on upgrading apartments to better serve UC Davis students living there and modernizing aging systems while improving landscaping. Both Garrett and Pennington were responsible for procuring this buyer.
Built-in 1966 at Anderson Rd., Sterling Pointe Apartments are primarily occupied by UC Davis students.
