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11/21/14
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In a recent institutional multifamily investment in Sacramento, JB Matteson Inc purchased Medici Apartment Homes, a Class A, 216-unit garden-style apartment community. The property, located at 4450 El Centro Rd in the city’s North Natomas area, sold for $29.75 mil ($138k/unit).
Completed in 2006, Medici Apartment Homes contains one-, two- and three-bedroom units in nine buildings totaling 201.4k sf. JB Matteson plans to rename the property Avanti and upgrade it after the acquisition, including re-painting the exterior, upgrading the landscaping, refurbishing the pool area, re-surfacing the parking lot, renovating the clubhouse, and improving operations through professional property and asset management.
Medici’s units offer large floor plans with modern features and amenities including nine-foot ceilings, full-size washers and dryers, central cooling and heating, broadband internet access, and energy efficient double-paned windows. Common area features include a large clubhouse and leasing center, a fully-equipped fitness center, resort-style pool and spa, and detached garages, covered carports and open parking stalls totaling 480 spaces.
Medici Apartment Homes is situated west of Hwy 5 off Del Paso Rd, north of I- 80. Located five miles north of downtown Sacramento, Medici provides close proximity to many shopping and service choices, including Natomas Market Place, Arden Fair Mall and Westfield Downtown Plaza.
Arroyo & Co. arranged the transaction. This property will be the second acquisition in the Sacramento area for San Mateo-based JB Matteson, which also purchased Granite Point Apartments, located two miles from Medici, in 2012.
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