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11/12/15
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Here’s news of a major multifamily investment opportunity in Northern California. Oakmont Properties is offering a four-property, 1,108-unit portfolio in the Sacramento area. The listing is said to be the largest multifamily portfolio offering ever marketed in Sacramento.
The Class B properties were constructed in the mid-to-late1980s and are all situated in strong infill locations. The properties, marketed as a value-add opportunity, are being offered individually or together and include:
• Gold Ridge Apartments, located at 2929 Routier Rd; 268 units
• Oak Pointe Apartments, located at 2450 Seamist Dr; 216 units
• Stone Creek Apartments, located at 2645 Stonecreek Dr; 368 units
• Sunflorin Village Apartments, located at 8550 Florin Rd; 256 units
Although an asking price was not given out, we’re told the portfolio should trade for a total price in the $115 mil to $120 mil range. Offers are due by November 19.
Sunflorin Village Apartments |
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The portfolio is being marketed by Marc Ross and Will Blucher of the CBRE Sacramento Multifamily Team.
“Very few units in the portfolio have received upgrades in the last several years, providing new ownership the opportunity to increase rental income through strategic interior and exterior community renovations,” said Ross, Senior Vice President, Multifamily, CBRE Capital Markets. “The strong infill locations within one of the top rental markets in the U.S. make this an incredible opportunity for investors to strategically acquire select assets or gain tremendous scale for those looking to enter or significantly expand within the Sacramento market.”
The Sacramento region is home to more than 2.4 million people. Sacramento was recently ranked fourth nationally for year-over-year effective apartment rent growth by Yardi Matrix and fifth in the western U.S. for projected rent growth over the next five years by CBRE Econometric Advisors.
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