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9/01/16
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Gold Ridge Apartments, a 268-unit, Class B apartment community located in the Rancho Cordova submarket of Sacramento, was acquired for $27.4 mil ($102k/unit) by a private investor in a 1031 exchange. It was sold by Oakmont Properties.
Located at 2929 Routier Rd, Gold Ridge Apartments is in the center of the region’s largest office submarket. The two-story, garden-style complex was built in 1987 and features 23 buildings on 12.19 acres.
Community amenities include an onsite leasing office, pool and spa, gated community, playground, lighted basketball court, private patio/balcony, fitness center, covered parking, and laundry facilities.The site is in proximity to numerous retail and entertainment destinations, public schools, and major regional employers. The property is easily accessible to the area’s major freeways, including Highway50, as well as various public transportation options like the SRT Light Rail with a station within walking distance.
Marc Ross of CBRE’s Sacramento office represented Oakmont Properties in the sale. The buyer was repped by Marcus & Millichap.
“This presented an excellent opportunity to invest in a rising submarket within the best performing apartment rental market in the nation,” said Ross, senior vice president, Multifamily, CBRE Capital Markets. “The property’s basic interior finishes and underutilized common areas also allow the new owner an opportunity to create significant value through strategic upgrades.”
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