Marcus & Millichap has completed the sale of Olivetree Senior Citizen Apartments, a 44-unit senior living community in Olivehurst. The property sold for $3,265,000.
Senior Associate Aaron Moayed and Principal VP Investments Isaak Heitzeberg in Marcus & Millichap’s Sacramento office marketed the property on behalf of the seller, a government agency. The buyer, Dawson Holdings, Inc. (DHI), was also brokered by Moayed and Heitzeberg.
The deal generated multiple competing offers and was completed in a record time of zero days on the market. “DHI received a 9% tax credit through the Acquisition and Rehabilitation Tax Credits, which allowed them to increase the value and sustainability of the property,” said Moayed. “The seller, in turn, received a premium on their property due to the cash flow restrictions associated with the USDA RD 515 program, which made the sale particularly advantageous.”
The Olivetree Senior Citizen Apartments is located at 1901 7th Ave in Olivehurst. Tenants are expected to benefit from a comprehensive renovation of the property. “This transaction is a win-win for all parties involved, including the tenants, who will benefit tremendously from the outcome,” Moayed said.
