HEMET, Calif. — Marcus & Millichap has arranged the $5.4 million sale of The Terrace at Seven Hills, a 40-unit seniors housing property in Hemet, located east of Los Angeles and north of San Diego.
Built in 2012, the property is age restricted and features 12 one-bedroom, one-bath units and 28 two-bedroom, two-bath units. The sales price equates to $135,000 per unit and a capitalization rate just under 6 percent.
Reza Ghaffari from Marcus & Millichap’s Ontario office represented the seller, a limited liability company. Ghaffari and Mark Bridge represented the buyer, a private investor.