Oxford Parkside Apartments, a 63-unit complex at 1424 Wake Forest Drive in Davis, has sold for $13.6 million, or $215,873 per unit, after more than 40 years under the same ownership. The buyer is already planning a wave of renovations to the 1973-built property, which sits within walking distance of UC Davis.
The sale closed through Yield PRO, which reported that the 40,068-square-foot property spans a 1.50-acre parcel and consists entirely of one-bedroom, one-bathroom units. Tony DeLoney, Dusty Haeling and David DeLoney, all investment specialists in Marcus & Millichap's Sacramento office, represented the seller, while Isaak Heitzeberg, also based in the firm's Sacramento office, represented the buyer. Per the same report, Tony DeLoney said Oxford Parkside attracted significant buyer interest due to its prime location within walking distance of UC Davis and its potential for value creation through renovations.
The buyer plans to undertake extensive renovations, including interior upgrades, landscaping, balcony improvements and exterior painting, according to the brokerage. The property's amenities currently include a swimming pool, fitness room, study room and laundry facilities, and its location near Oxford Circle Park and The Davis Collection shopping center adds to its appeal for students and staff connected to the university.
A Rare Trade in a Tight Market
Oxford Parkside's sale comes after four decades without a change in ownership, a pattern that has shown up elsewhere in Davis's apartment stock this year. Two other long-held complexes, Temescal Apartments and Pepperwood Apartments, traded for the first time since the Fox Group developed them in the 1980s, according to ConnectCRE. Transwestern brokered that 140-unit portfolio sale for $42.8 million, or $306,000 per unit, with Temescal's 100 one- to four-bedroom units fetching $33.44 million and Pepperwood's 40 one- to three-bedroom units going for $9.36 million.
Transwestern senior director Shivu Srinivasan, who represented the Fox Group in that sale to Interstate Equities Corporation, described the broader dynamic shaping these deals. “Davis is a very constrained market and despite broader economic shifts, there remains a strong desire for high-quality, legacy multifamily assets in this area,” Srinivasan said, as reported by ConnectCRE.
Rents Soften as Vacancy Stays Low
The ownership turnover is unfolding against a backdrop of slightly easing rents and persistently tight vacancy in Davis. Average rents for market-rate apartments in the city fell 1.8% from fall 2024 to fall 2025, according to a survey from UC Davis. Even so, the blended vacancy rate for units leased by apartment or by bed stood at just 3.5% in fall 2025, half a percentage point lower than the year before.
UC Davis has been adding housing capacity of its own, with a net gain of more than 6,260 new apartment and residence hall beds on campus since 2017, per the university's survey. That expansion has not eliminated the squeeze on off-campus housing stock near the university, where older, walkable complexes like Oxford Parkside continue to draw strong investor demand.
A Firm With National Reach
Marcus & Millichap, which specializes in commercial real estate investment sales, financing, research and advisory services, closed 8,818 transactions totaling $50.8 billion in sales volume in 2025, the firm told Yield PRO. The company operates more than 80 offices across the United States and Canada. Heitzeberg, who represented the Oxford Parkside buyer, serves as Senior Director of Investments in the firm's Sacramento office, where he leads its West Coast Affordable Housing Team, according to his Marcus & Millichap profile.
