Marcus & Millichap closed the sale of Redwood Meadows, a 101-unit senior multifamily property located at 1475 Baechtel Rd. in Willits. The property sold for $10.8 million, or $106,931 per unit.
“Senior housing communities with stable occupancy and long-term growth potential continue to attract investor interest across Northern California,” said Isaak Heitzeberg, managing director investments. “Redwood Meadows offered a combination of consistent cash flow, the potential to add up to 15 additional units with initial city approval and an assumable loan, making it an attractive long-term investment for a buyer expanding its regional portfolio.”
Heitzeberg, of Marcus & Millichap’s Sacramento office, represented the seller, TCC Properties. Heitzeberg and Andres Guerra, investment specialist in Marcus & Millichap’s Sacramento office, also procured the buyer, Echelon Communities.
Built in 1989, Redwood Meadows is a 101-unit active senior apartment community situated on a 7.18-acre parcel. The site also includes land with initial city approval for up to 15 additional units, offering future expansion potential.
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