Dealmaker: Transwestern Brokers $18M in Multifamily, Office Sales

Transwestern Real Estate Services, Houston, brokered multifamily and office property sales totaling $18.4 million in suburban Sacramento, Calif. and Milwaukee, Wis.

In Carmichael, Calif. near Sacramento, TRS sold The Hawthorne Apartments, a 76-unit community at 5820 Sutter Ave., for $16.5 million, or $217,000 per unit. Senior Director Shivu Srinivasan, Senior Associates Robert Dau and Dante Giacomini and Associate Connor McGarty represented the buyer and seller in the off-market transaction.

“Transwestern presented a strong offer above the market amount, achieving a price of over $5 million higher than the previous sale price in 2019,” Srinivasan said. “This transaction provided a strong price per unit for the sellers while still identifying tremendous value-add potential for the buyer.”

The Hawthorne Apartments has one-, two- and three-bedroom apartments. The Carmichael/Citrus Heights submarket is one of the strongest in metro Sacramento and has one of the lowest vacancies among the state capital’s 15 submarkets.

TRS also sold 5600 Professional Center at 5600 W. Brown Deer Road in Milwaukee suburb Brown Deer, Wis. Aspire BD 5600 LLC, Milwaukee, paid $1.9 million for the fully leased office property.

“This stretch of West Brown Deer Road has seen a resurgence in retail and office leasing over the past few years,” said Transwestern Executive Vice President Shaun Dempsey, who represented the seller in the transaction. “The timing of the sale was perfect given the new retail opportunities and very low office vacancy available in the area.”