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3/04/21
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Seattle-based Horizon Realty Advisors purchased Apex on the River, a 144-unit multifamily community in Sacramento, for an undisclosed price. Located at 8719 Woodman Way in the La Riviera submarket, the apartment complex backs up to the American River and is directly across the street from Glenbrook Shopping Center.
With immediate access to U.S. 50—a major east-west freeway that one mile from the property—Apex on the River is approximately a ten-minute drive to one of the region’s largest employment hubs, Downtown Sacramento, and a twenty-minute drive to the high-tech employment center of Folsom. The San Francisco Bay Area is approximately one hour from the property.
Marc Ross of CBRE represented the San Francisco-based seller, Ridge Capital Investors. CBRE’s Ben Roelke and Ian Walker arranged financing for the buyer.
The financing was arranged on behalf of Horizon Realty Advisors for its HRA Opportunity Fund III. The loan was originated through CBRE Multifamily Capital’s Fannie Mae DUS program and featured a 10-year term, full term interest-only payments and a 2.51% floating rate.
“The asset highlights Sacramento's resilience throughout the pandemic, performing phenomenally with strong collections and a vacancy rate of just two percent,” said Ross.
Sacramento has been one of the few outlier performers during the COVID-19 pandemic, ranking second among major metros across the nation for rent growth in 2020, and is among the top five markets with a nearly 6% forecasted rent growth for 2021.
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