Magnolia Suites

Carmichael, CA

Year built: 1960 Year acquired: 1996

30 to 40 thousand cars a day pass by the Magnolia Suites apartments located on the bustling Marconi Avenue in Carmichael, CA. Bruce purchased the apartments at a time which he admits was a very difficult period of his life. You could say the purchase was apropos, considering it was the most dilapidated building he had ever seen. The property had just undergone bankruptcy and the doors had been kicked in and every fixture had been ripped out. Only three families remained in the old building, hardly enough to cover the expenses, but Bruce had a plan. He managed to acquire an allocation of money from SHRA, the Sacramento Housing and Redevelopment Agency. This allotment covered the costs for the renovations, and Bruce worked at lightning speed to get those apartments to rental condition within a year’s time. Today the  property is consistently at full occupancy, as the demand for affordable housing continues to rise, in the sought after suburbs of Carmichael.