Campbell Creek 305-335 Union St 60 Unit Apartment Building $8,325,000 ($138,750/Unit) 6.32% Cap Rate Arcata, CA 95521

The DeLoney Group of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Campbell Creek Apartments, an attractive 60-unit apartment community located in Arcata. Constructed in 2013, the property represents a rare opportunity to acquire newer vintage multifamily product in a supply-constrained Northern California university market anchored by Cal Poly Humboldt.
305 Union Street features a diverse and well-balanced unit mix consisting of 18 studio units, 20 one-bedroom units, and 22 two-bedroom units, catering to a broad tenant base including students, young professionals, and workforce housing. The modern construction offers residents contemporary layouts and amenities while providing ownership with reduced maintenance requirements and improved operational efficiency relative to older vintage assets. Additionally, solar has been installed across three of the five buildings, helping reduce utility expenses and enhance long-term operating efficiency.
A key investment advantage of Campbell Creek is the property’s exemption from California’s statewide rent control (AB 1482) due to its 2013 construction. This allows investors to operate without rent caps, providing full flexibility to adjust rents to market levels and capture upside through immediate rent realignment.
Strategically located in Arcata, the property benefits from strong and growing rental demand driven by its proximity to Cal Poly Humboldt, the region’s primary economic and employment anchor. The university’s recent transition into the Cal Poly system, supported by over $458 million in funding to expand STEM programs and increase enrollment, is expected to significantly strengthen housing demand and further tighten the local rental market.
Campbell Creek offers investors a compelling combination of modern construction, operational efficiency, regulatory advantage, and strong underlying market fundamentals—positioning it as a premier multifamily investment opportunity in the Arcata market.