A mid-century, two-story, 72-unit apartment community in Sacramento’s Land Park neighborhood just traded hands again, this time for more than double what it sold for in 2013. The property sits in a quiet pocket near William Land Park and has long pulled in steady rents despite its age, a combination that continues to catch investors’ attention. The latest deal is yet another sign that buyers are still willing to pay up for centrally located multifamily buildings across the region.
Deal details
According to the Sacramento Business Journal, the complex, Park Place at 5949 Lake Crest Way, sold in late July at a price that is more than twice its 2013 sale figure. The Business Journal also reports that the buyer is a local investor, reinforcing the idea that Sacramento-based players are still eager to pick up older apartment assets in familiar neighborhoods.
About the building
Community profiles describe Park Place as a mid-1960s, two-story complex with a mix of one- and two-bedroom units, and rental portals classify it as a 72-unit community with on-site amenities and upgraded interiors. The property profile on Apartments.com outlines the building’s construction era, unit count, and advertised features, the kind of basics that often feed into a buyer’s renovation or rent-growth plans.
Parcel and size
Commercial records on LoopNet list the parcel, APN 029‑0176‑005, at roughly 0.77 acres, with a building footprint in the tens of thousands of square feet. That relatively compact but sizable setup, combined with an in-city location, helps explain why an investor might see the property as a solid bet despite its age.
Why buyers are paying up
Local market writeups and broker notes continue to flag so-called value-add properties as hot targets, where modest upgrades can push existing rents higher. A Q1 2026 review from The Mogharebi Group points to steady buyer interest across the Sacramento metro area, even as newer construction remains limited in some in-city neighborhoods. In that environment, older but well-located multifamily buildings like Park Place remain prime hunting ground for private investors and smaller firms looking for renovation plays or long-term holds.
For tenants, the sale does not instantly change day-to-day life, although new ownership often brings shifts in management style or capital projects that can ripple through a building’s rent roll over time. The Sacramento Business Journal identified the buyer as a local investor, while commercial property records and listing services provide the parcel data and physical details cited above for anyone interested in digging into the public record.
