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10/21/16
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In a recent Sacramento multifamily buy, Latitude Real Estate Investors purchased Green Leaf Arbors, a 220-unit, Class B apartment community. The property was sold by Green Leaf Partners.
Located at 2501 Hurley Way, Green Leaf Arbors is in the center of the Arden-Arcade submarket. The two-story, garden-style complex was built in 1975 and features 30 buildings on 9.66 acres. Community amenities include a renovated leasing center and clubhouse, townhouse style floor plans with in-unit washer/dryers, walk-in closets and private patios, two swimming pools, a fitness center and an outdoor barbeque area. The property is ideally located with convenient access to Highway 50, the southern east-west freeway in the metropolitan area, Interstate 80, the northern east-west freeway, and Highway 160.
“This presented an excellent opportunity to invest in a rising submarket within the best performing apartment rental market in the nation,” said Ross. “The property’s exterior and various community amenities were recently renovated, but its basic interior finishes still allow the new owner an opportunity to create significant value through strategic upgrades.”
Marc Ross of CBRE’s Sacramento office represented Green Leaf Partners in the sale. CBRE’s Debt & Structured Finance Group, led by Troy Tegeler and Brian Eisendrath, provided the acquisition financing for the buyer. 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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