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September 22, 2020
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Bridge Investment Group Buys 339-Unit Sacramento Multifamily Community

5/22/20

The Fountains at Point West, a 339-unit multifamily property in Sacramento, was acquired by Bridge Investment Group, out of Salt Lake City, in an $85.15 mil transaction. The property, viewed as a value-add opportunity, is located at 1761 Heritage Lane, in the city’s Arden-Arcade submarket, across the street from the Arden Fair Regional Mall and Kaiser Permanente’s Point West Campus.

Built in 1974, The Fountains at Point West has undergone substantial exterior renovations. This includes new roofs, complete exterior residing, replacement of balconies and stair towers, elevated walkways, installation of dual pane windows, exterior paint, landscaping, and an upgraded fitness center and clubhouse.

The property was sold by Oakmont Properties, which had fully renovated only 23 of the units. This allows Bridge Investment Group to still benefit from fully renovating the remaining units and revitalizing vacant community spaces currently present at the property.

The property includes studios, one-, two- and three-bedroom floor plans. Community amenities include a 12k sf clubhouse, a theater room, a state-of-the-art multi-story fitness center with racquetball courts, three resort-like pools and spas, multiple waterways and fountains, a shaded BBQ area, three tennis courts and a basketball court, underground garage parking, and elevators serving the three-story buildings.

Marc Ross of CBRE’s Sacramento office represented San Rafael-based Oakmont Properties in the transaction.





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