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9/05/14
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A San Francisco based investor with international capital purchased two Sacramento area multifamily properties totaling 160 units for $10.65 mil ($66.6k/unit). The acquisitions, Granite Springs and Ridgestone Apartments, are Class B communities located in northeast Sacramento and South Sacramento.
Granite Springs consisting of 76 units, and Ridgestone comprised of 84 units, were built in the early 1970s and offer one-, two-, and three-bedroom floorplans. The properties are equipped with wall heating and air conditioning, laundry rooms, and tot lots. The seller performed exterior improvements to both properties in 2010.
Marc Ross and William Blucher of CBRE’s Sacramento Multifamily Group represented the seller, Bridge Partners, in the deal. According to Ross, the properties are well positioned for the new ownership to capitalize on the strengthening rental market with only moderate interior improvements.
“As Bay Area and other coastal-oriented capital increasingly shifts focus towards top secondary markets like Sacramento, we will continue to see more aggressive pricing and terms,” says Ross.
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