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June 25, 2024
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Sacramento-Area Multifamily Property Refinanced with New Loan for $34 Mil


American Capital Group has locked up a $34 mil refi loan on Laguna Creek Apartments, a 160-unit, garden multifamily community in Elk Grove. The loan was provided by Hartford Investment Management Company.

Located at 8760 Center Pkwy and built in 2004 by American Capital Group, Laguna Creek contains a mix of one- and two-bedroom apartment units across two- and three-story garden-style buildings. The spacious units feature fully equipped kitchen, stylish kitchens with modern design and appliances, in-home washer and dryer, air conditioning, and pre-wired for high-speed internet. Select units also have private access garages.

On-site amenities include a clubhouse with fireplace and large screen TV, a state-of-the-art fitness center, swimming pool and spa, playground, a billiards and game room, and a built-in business center. There is also an electronic gated entrance to the community.

The location is nearby several amenities including multiple shopping centers and the Elk Grove Regional Park featuring a variety of outdoor activities and entertainment. The property also offers quick access to State Route 99 and proximity to Interstate 5, two major north-south freeways. The property was 97% occupied.

Dave Karson, Chris Moyer and John Spreitzer with Cushman & Wakefield represented American Capital Group in the transaction. According to Karson, American Capital Group is in the middle of a multimillion dollar capital improvement plan at the property.

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