Colliers’ Sacramento multifamily brokerage team has closed a $16 million sale of 2850 Cottage Way, a 100-unit apartment complex in Sacramento, wrapping the deal on Friday after it nearly went off the rails. The property traded at a 6.53% going-in cap rate, with the brokers reworking the building’s financial picture and securing lender concessions to keep the transaction alive. The buyer, working under a 1031 exchange deadline, needed a fast, straightforward closing to lock in a replacement property on time.
As reported by ConnectCRE, Colliers EVP Aaron Frederick, SVP Matt Sarro and associate George Melski represented the buyer and steered through multiple underwriting and property-condition complications. According to the team, the seller had been self-managing the…..