Age, or a relative lack thereof, proved a popular factor again in a recent multifamily sale.
The Date Tree Apartments, near American River College in Sacramento County, sold to an investor from the Central Coast who liked the property’s vintage from the 1980s, said a broker on the deal.
“With late ’80s construction, you avoid a lot of cost to upgrade the plumbing or the electrical like you would have from the ’60s or ’70s,” said Tim Swanston of North Coast Commercial.
Date Tree, a 42-unit property at 4917 Date Ave., sold for $7.995 million, Swanston said. On a per-unit basis, that’s about $190,400 for each apartment.
Swanston, who worked on behalf of the buyer, said he hadn’t even listed the property when Santa Cruz-based apartment broker Andy Kay called about another listing Swanston had.
While that property was already in contract to be sold, Swanston pitched Kay on Date Tree instead. The buyer, Eddie Munoz in Santa Cruz County, needed to place money after selling some smaller apartment properties recently in Watsonville.
“The numbers lined up, and he and I believe the Sacramento economy is a strong economy,” Kay said. Munoz, who didn’t return a call seeking comment Tuesday, also manages his own property, making it easier to have just one, Kay said.
According to Apartments.com, Date Tree has units of one and two bedrooms, ranging from 685 to 790 square feet. At the time of sale, Swanston said, occupancy was 100%.
Swanston said Munoz is planning to put a washer/dryer in every unit. Other improvements will come as units turn over, Kay said.
Buyer preferences for newer apartment properties come as buyers are also being pickier about the properties out there, Swanston said. With interest rates higher, there are fewer deals, and also fewer exchange deals where an apartment seller has to move quickly and buy another property to avoid taxes, he said.
Real estate information site Reonomy lists Date Tree Partners LP, with an address in San Diego, as the sellers. No contact information for the sellers could be found.
Date Tree Partners bought Date Tree Apartments in March 2023 for $6.1 million, according to Reonomy.
