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Courtyard Village 3429 Evergreen Cir 296 Unit Apartment Building $50,147,886 CAD ($169,419 CAD/Unit) 4.64% Cap Rate West Sacramento, CA 95691
EXECUTIVE SUMMARY
The Heitzeberg Group of Marcus and Millichap is proud to announce the listing of Courtyard Apartments in West
Sacramento. This 296-unit affordable housing development in West Sacramento comprises 166 two-bedroom
units and 129 one-bedroom units, all designated for households earning between 50% and 60% or less of the
Area Median Income (AMI).
The property’s current rents are approximately $1.6 million below the maximum allowable rents set by the
California Tax Credit Allocation Committee (CTCAC). This significant gap presents a strong opportunity for rent
increases. With current rents well below the market average, a buyer can acquire a property with clear upside
potential, without the need for major renovations. Instead, the focus can be on optimizing management and
improving returns with each new lease and rent adjustment. In this sense, the property offers a true “Goldilocks”
value-add opportunity—strong upside, without the need for a large upfront capital investment.
West Sacramento’s housing market is characterized by a high demand for affordable rental units. The population
is growing rapidly in West Sacramento, having increased by 54% from 2000-2010, and again by 10% from 2010-
20. Today, the city continues to grow faster than most cities in CA, due to its location, affordability, proximity to
Sacramento proper, and its strong job market. Thus, the city has also begun to experience higher rents, with the
average rent in the city today over $2,244 per month. The subject property currently has an average rent of $843
for 1BD Units, and $1,104 for 2BD Units, and is already renting units today for $1,205, and $1,250 most recently.
Thus, the potential upside is clearly real, not just theoretical.
This 296-unit LIHTC property in West Sacramento offers a compelling investment opportunity with significant
rental upside. The right buyer will see the low rents, location, surrounding rental market, and realize this is one
of the best properties on the market today, with a strong price per unit and big upside potential.
Sacramento. This 296-unit affordable housing development in West Sacramento comprises 166 two-bedroom
units and 129 one-bedroom units, all designated for households earning between 50% and 60% or less of the
Area Median Income (AMI).
The property’s current rents are approximately $1.6 million below the maximum allowable rents set by the
California Tax Credit Allocation Committee (CTCAC). This significant gap presents a strong opportunity for rent
increases. With current rents well below the market average, a buyer can acquire a property with clear upside
potential, without the need for major renovations. Instead, the focus can be on optimizing management and
improving returns with each new lease and rent adjustment. In this sense, the property offers a true “Goldilocks”
value-add opportunity—strong upside, without the need for a large upfront capital investment.
West Sacramento’s housing market is characterized by a high demand for affordable rental units. The population
is growing rapidly in West Sacramento, having increased by 54% from 2000-2010, and again by 10% from 2010-
20. Today, the city continues to grow faster than most cities in CA, due to its location, affordability, proximity to
Sacramento proper, and its strong job market. Thus, the city has also begun to experience higher rents, with the
average rent in the city today over $2,244 per month. The subject property currently has an average rent of $843
for 1BD Units, and $1,104 for 2BD Units, and is already renting units today for $1,205, and $1,250 most recently.
Thus, the potential upside is clearly real, not just theoretical.
This 296-unit LIHTC property in West Sacramento offers a compelling investment opportunity with significant
rental upside. The right buyer will see the low rents, location, surrounding rental market, and realize this is one
of the best properties on the market today, with a strong price per unit and big upside potential.
PROPERTY FACTS
| Price | $50,147,886 CAD | Building Class | B |
| Price Per Unit | $169,419 CAD | Lot Size | 9.90 AC |
| Sale Type | Investment | Building Size | 172,000 SF |
| Cap Rate | 4.64% | Average Occupancy | 100% |
| No. Units | 296 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1959/2008 |
| Property Subtype | Apartment | Parking Ratio | 1.08/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | R-3 | ||
| Price | $50,147,886 CAD |
| Price Per Unit | $169,419 CAD |
| Sale Type | Investment |
| Cap Rate | 4.64% |
| No. Units | 296 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 9.90 AC |
| Building Size | 172,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1959/2008 |
| Parking Ratio | 1.08/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Refrigerator
- Oven
- Range
- Carpet
- Recreation Room
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Fitness Center
- Laundry Facilities
- Playground
- Property Manager on Site
- Security System
- Basketball Court
- Gameroom
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 128 | - | 600 |
| 2+1 | 168 | - | 720 |
1 1
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $21,627,000 CAD | |
| Land Assessment | $3,669,745 CAD | Total Assessment | $25,296,745 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$3,669,745 CAD
Improvements Assessment
$21,627,000 CAD
Total Assessment
$25,296,745 CAD
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Courtyard Village | 3429 Evergreen Cir
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