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July 12, 2020
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ColRich Buys 182-Unit, Sacramento-Area Multifamily Property


ColRich, based in San Diego, has purchased Westwood Apartments, a 182-unit, value-add multifamily community in Carmichael. It was sold by Santa Barbara Capital and InvestWest Financial.

Westwood was originally built in 1968 by Robert Powell Corporation, with a second phase added in 1986. The previous ownership invested over $2 mil in exterior capital improvements in recent years, and the new owner will have the opportunity to implement additional interior renovations.

The community offers an array of tenant amenities, including a resort-sized swimming pool, two laundry facilities, fitness center and a spa. Westwood offers twelve uniquely-designed floor plans with nearly one quarter of the units consisting of loft, townhome or cottage designs. All units feature a dishwasher, large balcony or patio with storage, dual pane windows, central heat and air; select units include fireplaces and in-unit washer and dryer.

The property is located near some of the areaís most affluent housing communities and along the major thoroughfare of Marconi Ave, providing convenient access to the regionís major freeways and the American River as well as local shopping, restaurants, employers and recreational activities.

Marc Ross of CBRE represented the seller in the deal. The price was not disclosed.

Ranked first nationally for forecast rent growth, Sacramento is expected to experience 6.5% growth and 96% occupancy by the end of 2018. New apartment completions in Sacramento represent 0.5% of the total rental stock, among the lowest of the nationís major markets according to Yardi Matrix.

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