Aging 113 Unit Property Sells with Plans to Become More Contemporary

Sacramento, Calif. (November 3, 2014) The Park at Sunrise Creek, a 113-unit apartment complex well located in Citrus Heights on Kingswood Drive, recently sold for $9,015,000. Located just east of Sunrise Blvd., the investment property shares a property line contiguous to the Sears Parking lot at Sunrise Mall.

Built in 1979, the property is showing signs of age and in need of capital improvements including exterior siding and paint. The Buyer’s plan is for a long term hold and will make extensive improvements to both the exterior and unit interiors to preserve the asset, give a newer, contemporary look and offer more amenities to the growing population of tenants looking for higher end properties.

The Park at Sunrise Creek
7951 Kingswood Drive, Citrus Heights, CA 95610 113 Units
76,525 SF
6.65 Acres
Year Built – 1979

Contract Execution Date: 9-3-2014 Close of Escrow: 10-29-2014 Contract Period: 56 days
Sale Price $9,015,000 $79,779/Unit; $117.80/SF

Buyer: G&A Properties, LLC (upleg in a 1031 Exchange)
Buyer Broker, Brian Nelson, Apartment Advisory Team, Colliers International

Seller: Meagher Family Trust (downleg in a 1031 Exchange) Seller Broker: none

About Colliers International
Colliers International is a leader in global real estate offering comprehensive services to investors, property owners, tenants and developers around the world. A subsidiary of FirstService Corporation, Colliers professionals in 482 offices worldwide are united by our spirit of enterprise—we take initiative, think creatively, collaborate to achieve and use our expertise to innovate. Our 13,500 employees embrace a culture of service excellence. We strive to deliver the best service experience in both the business results we achieve and through personal attention to exceed our clients’ expectations.

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