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Cancun Palace Apartments Sell for $4.4M

Private Investor Buys 62 Units at 695 Plaza Ave.
By Eric Kies
March 4, 2005 | 10:31 P.M.

Stephen Maki purchased the Cancun Palace Apartments at 695 Plaza Ave. in Sacramento. Total consideration for the deal was $4.43 million, or approximately $71,500 per unit, with a cap rate of 6.7%. The Cancun Palace Apartments consist of 62 units with central heat and air, two laundry rooms, on-site storage, patios and balconies connected to selected units, ceiling fans and mirrored closets in most units, and electrical gated entry to the property. Aaron Frederick of Marcus & Millichap represented both the buyer and seller, Gregory Fatooh.

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