Transwestern has arranged the sale of a two-property multifamily portfolio in Davis totaling 140 apartments. The assets, Temescal Apartments and Pepperwood Apartments, were sold together for $42.8 million, equating to approximately $306,000 per unit. Senior Director Shivu Srinivasan of Transwestern represented the seller, the Fox Group, in the transaction with buyer Interstate Equities Corporation.
Temescal Apartments, one of the two properties in the portfolio, is located at 2477 Sycamore Ln. in Davis. The community comprises 100 apartments ranging from one- to four-bedroom layouts. According to information released with the sale, Temescal Apartments traded for $33.44 million as part of the portfolio disposition.
The second asset, Pepperwood Apartments, is located nearby at 2222 Sycamore Ln. in Davis. Pepperwood includes 40 apartments with a mix of one- to three-bedroom floor plans. The property sold for $9.36 million, rounding out the 140-unit portfolio that changed hands in this transaction.
Srinivasan described Temescal and Pepperwood as representing a high-caliber standard within the Davis multifamily market and characterized the acquisition as a rare opportunity given the quality and legacy of the assets. He also noted that Davis is a constrained market and that, even amid broader economic shifts, investor demand remains strong for well-established, higher-quality multifamily properties in the area.
The Fox Group originally developed both apartment communities in the 1980s, and this portfolio sale marks the first time either Temescal Apartments or Pepperwood Apartments has traded since their initial development. The long hold period underscores the legacy nature of the assets and highlights their position within the local multifamily landscape in Davis.
