Coldwell Banker Commercial C&C Properties Represented Both Sides of $8m Avery Oaks Apartments Sale in Chico, Calif.
CHICO, CALIF. (Jan. 29, 2024) – Coldwell Banker Commercial C&C Properties is pleased to announce that it has completed the $8 million sale of Avery Oaks Apartments, a 30-unit new construction apartment complex located on 1.4 acres at 1991 Humboldt Ave. in Chico, Calif.
Carrie Tatreau, CCIM and Kelsey Watt of Coldwell Banker Commercial C&C Properties brokered both sides of the deal, representing the seller, Chuck Tatreau Construction Inc. and the buyer, is who remains undisclosed.
“We are thrilled to announce the successful completion of this well designed project,” said Tatreau. “Our collaboration with local partners and the swift lease-up process underscore our commitment to delivering exceptional real estate solutions.”
Avery Oaks Apartments is conveniently located to Chico’s restaurants, retail services and parks. The units present a townhome design with the majority having fenced backyards. All units feature luxury vinyl plank flooring, upgraded granite counters, modern finishes and in-unit laundry. The gated community with access control includes a pool, clubhouse, dog park, bike parking and a landscaped common area.
Coldwell Banker Commercial C&C Properties was involved in the original property aquisition and worked with a local developer to modify a design that incorporated private backyards, pet-friendly design, and upgraded finishes built by a local Chico developer. The property, strategically placed into contract at 60% leased, underwent a remarkable transformation under the skilled management of local property manager, Hignell Companies. Tatreau and Watt worked diligently to bring the occupancy rate to an impressive 95% in just five months, aligning seamlessly with the bank’s closing requirements.
Tatreau and Watt closed the deal at $266,666 per door, with a notable 53% of the units being one-bedroom, reflecting the project’s success and financial viability. The remaining units, comprising seven two-bedroom apartments and seven three-bedroom apartments, contributed to a diverse and well-rounded housing offering.
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Coldwell Banker Commercial C&C Properties, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.
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