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By Mike Hazlip—
A large apartment complex near Stones Gambling Hall has been sold to a Walnut Creek-based investment firm in a $25 million deal, according to a report by the Sacramento Business Journal.
Brokerage firm Marcus & Millichap assisted in selling the property at 6413 Tupelo Drive from Ridge Capital Investors to Tilden Properties LLC, according to the report. With 124 units on site, the price per unit was around $204,000, with each ranging in size from 650 to 900-square-feet.
Information from the San Francisco-based Ridge Capital Investors’ online portfolio shows the company had acquired The Woods in 2018 for $18.5 million, with plans to remodel the property. Renovation plans were estimated at $25,000 per unit for cosmetic upgrades inside and out, along with “the addition of new common area amenities,” the company said in a 2018 description of the asset.
Tilden Properties will have room to invest in the asset, The Journal reports, with some units still needing washers and dryers. Tilden lists 24 properties throughout California in its portfolio, including four in Davis. The Woods was not listed in the portfolio as of press time. Tilden also lists properties in Washington, Nevada, Texas, and Oklahoma.
The Woods was on the market for 45 days, according to The Journal. The community lists a fitness center, pool, and laundry facilities among its amenities.
Also on The Sentinel: Citrus Heights Real Estate Market: see which homes sold last month
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