May 30, 2017
Calabasas, CA-based Marcus & Millichap completed the sale of The Terrace at Seven Hills, a 40-unit senior apartment property located in Hemet, CA. The asset traded for $5.4 million, a record $135,000-per-unit transaction, and at a 4.96% cap rate.
The Terrace at Seven Hills is located on a 1.97-acre site at 1711 Pepper Tree Dr., and was built in 2012 overlooking Seven Hills Golf Course. The secured five-building property consists of 12 one-bedroom, one-bath apartments, and 28 two-bedroom, two-bath units.
Marcus & Millichap’s Reza Ghaffari marketed the property on behalf of an undisclosed seller. Marcus & Millichap’s Ghaffari and Mark Bridge represented the unnamed private investor.
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