Roseville, November 5, 2015
Looking back at the multifamily industry, it is hard to believe that today, multifamily sale prices are higher than they were prior to the recession. Rod Ballinger of Gallelli Real Estate can attest to this as escrow recently closed on Vintage Faire Apartments in Rancho Cordova. The 112-unit apartment complex sold for $8.9 million on November 4th. Gallelli Real Estate represented the owner in this off-market transaction. The apartment complex was built in 1979 and was in dire need of a makeover, closing escrow within 75 days.
“2015 has been one of the best markets in the last 15 years with prices peaking above those prior to the recession. The rental market is very much a landlord’s market with almost no suburban apartments planned. We see continued strength in the multifamily market for the foreseeable future.”
- Rod Ballinger, Senior Vice President, Gallelli Real Estate