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December 10, 2017
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Sacramento Multifamily Asset Traded in $34 Mil Transaction

11/01/17

Waterford Cove, a 188-unit, garden-style apartment community in Sacramento, was purchased by Bridge Partners in a recent $33.8 mil ($180k/unit) transaction. The buyer assumed an existing low-leverage loan and added a supplemental loan as part of the acquisition.

The property is located at 7650 Windbridge Dr, in one of the closest, most affluent residential neighborhoods to Downtown Sacramento. It was 97% occupied at the time of sale.

Built in 1988, Waterford Cove features a highly desirable unit mix, fully comprised of spacious one- and two-bedroom floorplans. The property features an assortment of in-unit amenities including full-size washers and dryers, dishwashers, central heat and air, 9’ ceilings and patios/balconies in every unit.

Waterford Cove is poised to benefit tremendously from the enormous investment in regional amenities taking place in Sacramento’s urban core. The property is ideally located 10 minutes south of Downtown Sacramento with convenient access to Interstate 5 and within minutes of the region’s largest employment centers and growing retail amenities, including Delta Shores, the region’s newest retail power center.

Marc Ross of CBRE’s Sacramento office arranged the sale on behalf of the seller, Oakmont Properties. Ross pointed out that Bridge Partners has a tremendous opportunity to capitalize on the existing loss-to-lease as well as capture additional revenue upside through property renovations.




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