Marcus & Millichap finalized the sale of Olivetree Senior Citizen Apartments, a 44-unit seniors housing property located in Olivehurst. The asset sold for $3,265,000.

Senior associate Aaron Moayed and first 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 procured by Moayed and Heitzeberg.

The deal generated multiple competitive bids and closed in a record zero days on the market. “DHI was awarded a 9% tax credit allocation through the acquisition-rehabilitation tax credits, enabling them to enhance 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, making the sale particularly advantageous.”

Olivetree Senior Citizen Apartments is located at 1901 7th Ave in Olivehurst. The tenants are poised to benefit from a comprehensive rehabilitation of the property. “This transaction represents a win-win for all parties involved, including the tenants who stand to benefit immensely from the outcome,” Moayed said.