|
5/31/16
|
Oakmont Properties recently sold three Sacramento apartment communities in separate transactions that totaled $89 mil, or just over $105k/unit. The properties were each purchased by separate buyers.
The properties sold were:
• Stone Creek Apartments: 368 units at 2645 Stonecreek Drive; acquired by Bascom San Francisco LLC for $43.5 mil, or $118.2k/unit
• Sunflorin Village Apartments: 256 units at 8550 Florin Road; acquired by K&C Investments for $23.9 mil, or $93.4k/unit
• Oak Pointe: 216 units at 2450 Seamist Drive; acquired by Latitude Management Real Estate Investors for $21.3 mil, or $98.4k/unit
Marc Ross of CBRE’s Sacramento office represented Oakmont Properties in the sale transactions.
“There was frenzy around these assets as investors viewed them as excellent renovation opportunities within one of the top rental markets in the nation,” said Ross, Senior Vice President, Multifamily, CBRE. “Sacramento’s recent rental performance has been remarkable and its forecasted growth contributed to the highly competitive bidding process.”
Sacramento experienced 10 percent rent growth year-over-year as of March 2016. The city was recently ranked first nationally by Axiometrics for annual effective apartment rent growth and ranked second nationally for projected rent growth over the next five years.
|
|
Return to the Archive page
|
|
|
|
|