|
6/03/16
|
Oakmont Properties purchased LeSarra Apartments, a 105-unit, Class A multifamily community located in El Dorado Hills, about 25 miles outside of downtown Sacramento. The asset was sold by Ridge Capital Investors for $28.5 mil, or $271.4k/unit.
LeSarra is a five-star community offering premium features in every unit, including gourmet kitchens with brushed nickel hardware and granite countertops; stainless steel appliances, a private patio/balcony, walk-in closets, full size washer/dryers, and private garages. Additionally, residents are given access to a number of resort-style community amenities, such as a clubhouse, pool and spa, barbeque area, playground, and state-of-the-art fitness center.
The convenience of the property’s location—a short walk to the regional retail core and a quick drive downtown via Highway 50—makes LeSarra an attractive option for regional residents seeking the comforts of a high-end suburban lifestyle. The property is fully stabilized with a steady income stream, making it also an attractive investment choice.
Marc Ross of CBRE represented the buyer in the off-market transaction. This marks the ninth property Oakmont has purchased during the past two years, making them one of the most active multifamily buyers in the western United States.
Sacramento has been a high performer nationally over the past few years. As of the first quarter of 2016, the area edged out Portland as the metro region with the highest annual effective rent growth, according to Axiometrics, Additionally, El Dorado Hills, the most affluent area in the Sacramento market, has high barriers to entry, as increasing construction costs and limited land options make development more cost prohibitive. Built in 2013, LeSarra is the newest multifamily development in El Dorado Hills, and one of only three in the area.
|
|
Return to the Archive page
|
|
|
|
|