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March 28, 2024
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MULTIFAMILY NEWS
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Sacramento Area Res Community Trades for $84k/Unit

9/22/16

Sierra Village, a 185-unit, Class B apartment community located in the North Highlands submarket of Sacramento, was purchased for $15.5 mil ($83.8k/unit) by Oracle Properties Development. The asset was sold by Trion Properties.

Located at 5416 Jackson St, the two-story, garden-style complex was built in 1986 and features 20 buildings on 9.27 acres. Sierra Village offers many amenities, including on-site leasing office, covered parking, patios and balconies, fitness center, two swimming pools, two spas, community gating, a tennis court, and laundry machines in each building.

Marc Ross of CBRE’s Sacramento office represented both parties in the sale.

“Sierra Village has undergone considerable exterior and interior renovations over the past couple of years” said Ross, Senior Vice President of CBRE Capital Markets, Multifamily. “With its convenient location just off of I-80, between Downtown Sacramento and Roseville, Sierra Village is poised for continued success in a region that is thriving with rising employment, increasing population, continued rent growth, and limited new multifamily supply.”

Sacramento is ranked first nationally by Axiometrics for annual effective apartment rent growth, experiencing 11.6 percent rent growth year-over-year as of August 2016.





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