Mold At Madison Oaks

Madison Oaks Apartments LLC purchased 5216 Garfield Ave. in Sacramento, CA from AG Investments LP for a confirmed $1.9 million, $47,500 per unit with a 12.83% cap rate. The sale price reflects a discount of approximately $800,000 due to black mold contamination issues with the property. Immediately following the close of escrow, Madison Oaks Apartments LLC vacated the entire property and began a complete renovation. The extent of the contamination damage is unknown but the expected renovation time is an estimated two months. The renovation will include extensive plumbing repairs, new carpet, interior paint, new appliances and new cabinets.