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12/10/20
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Trion Properties has acquired Bella Pointe Apartments, a 136-unit multifamily community in the Sacramento submarket of Rancho Cordova, for $18.25 mil or $134k per unit. Trion specializes in multifamily investments in western markets, with equity partner Walker & Dunlop.
Built in 1978 and situated on nearly six acres at 10055 Terra Loma Dr, Bella Pointe features large one- and two-bedroom apartments with walk-in closets. Amenities include a swimming pool, two laundry facilities, expansive courtyards and a covered parking lot.
Bella Pointe is viewed as a value-add investment and Trion intends to upgrade the property to current market standards. As part of the improvements, the firm plans to implement a number of exterior renovations including roof replacement, asphalt repairs, swimming pool deck, HVAC replacement, among other items.
The property is situated off Folsom Rd in close proximity to Hwy 50, offering a quick five-minute commute to 650k sf of office space, and is walking distance to the Mather Field Light Rail Station. Per research from Trion, Rancho Cordova is adding approximately 50,000 jobs to the region with the recent groundbreaking of a 3,000-acre development with 7.6 msf of commercial space and one of the largest parks in the region.
According to Farhan Mahmood, Managing Director of Acquisitions at Trion Properties, the Sacramento region gained 28,200 jobs in June. Government accounts for the highest concentration of local jobs, ahead of Washington D.C. Because of this strong employment base, Sacramento is the second leading market in the nation for year-over-year rent collections at 96.6% and is the only major Northern California market that hasn’t seen a drop in rents.
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