Investor buys two apartment complexes for more than $9million

“Two property sales in the Bay Area — totaling 10 residential units — allowed an investor to purchase 85 multifamily units in the Sacramento market.

A pair of 1031 exchanges gave the unnamed buyer ownership of Orange Grove Apartments near North Highlands and Concord Plaza Apartments near Rosemont. Orange Grove is 46 units and sold for $4.775 million in September, while Concord Plaza is 39 units and sold for $4.29 million last week.

Tim Swanston, a senior vice president with North Coast Commercial Inc. in Sacramento, brokered both deals. The buyer sold a Martinez condominium, Alamo rental house and an eight-unit apartment building in Concord on the front half of the two exchange deals, he said.”

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