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5/23/18
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Providence Place Apartments, a 292-unit multifamily property in Sacramento, traded hands in a recent $16 mil ($55k/unit) transaction. The asset, located at 5500 Mack Road, is a Section 42 affordable housing property.
Providence Place Apartments consists of all one- and two-bedroom units with air conditioning, patios or balconies and walk-in closets. Community amenities include a pool, covered parking and a barbecue and picnic area. Providence Place is located just minutes from downtown Sacramento, and residents have easy access to the Golden State Freeway and Interstate Route 5.
Bruce Furniss and Brian Anderson with Berkadia represented the seller, California-based Positive Investments Inc. The buyer was The John Stewart Company, also based in California. The deal closed on April 30.
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