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11/30/21
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Westlake Apartments, a 148-unit multifamily property in Sacramento, sold for $38 mil ($256.8k/unit). The property, located at 1 Shoal Court, was sold by Graceada Partners.
During its 15-month hold period, Graceada Partners substantially upgraded the property’s common area, adding new lakeside barbecue areas, renovating the clubhouse and leasing office, overhauling landscaping and monument signage, adding two EV charging stations, and updating pool furniture. In addition, 36 of the 148 units were substantially renovated, leading to lease turnover rent increases of up to 43%.
According to Graceada Partners, the asset achieved post-renovation rent of $1,825 per unit versus $1,225 at acquisition. William Blucher and Ali Nadimi with Newmark were involved in brokering the sale.
U.S. multifamily sales volume in 3Q21 totaled $78.7 bil, signifying the largest quarterly sales volume figure on record as investor appetite for multifamily continues to surge, according to Newmark Research.
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