Yung Lee Acquires 43-Unit Villa Serrano Apartments In Carmichael For $7.3M With Brokers Tim Swanston & Kevin Hemstreet

The Villa Serrano apartments, located at 5241 Marconi Avenue in Carmichael, feature 43 units and comprise a multifamily asset type. The property was acquired for a total price of $7,300,000, resulting in a per-unit price of $169,767. The transaction was notable for its off-market nature and represents a significant appreciation since its last sale in 2017.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,300,000
• Units: 43
• Price Per Unit: $169,767
• Buyer: Yung Lee
• Seller: Steve Morton
• Brokerage: Tim Swanston & Kevin Hemstreet - North Coast Commercial

The deal involved Yung Lee acquiring the property, while Steve Morton served as the seller. Tim Swanston and Kevin Hemstreet represented the transaction for North Coast Commercial. The closing process faced delays due to necessary electrical upgrades that were required to meet insurance standards for the multifamily asset, particularly due to its construction era in the 1970s.