SACRAMENTO, Calif. – May 22, 2018 – Berkadia today announced the sale of Providence Place Apartments, a multifamily property in Sacramento, California. Senior Director Bruce Furniss of Berkadia’s Irvine, California office led the $16 million sale on behalf of the seller, California-based Positive Investments, Inc., along with Managing Director Brian Anderson of Berkadia’s Sacramento, California office. The buyer was The John Stewart Company, also based in California, and the deal closed on April 30.
“This was a great opportunity for the new buyer to preserve and protect the Affordable Housing aspect of the property,” said Furniss.
Located at 5500 Mack Road, the Section 42 affordable housing property offers 292 one- and two-bedroom units with air conditioning, patios or balconies and walk-in closets. Community amenities include a pool, covered parking and a barbecue and picnic area. Providence Place is located just minutes from downtown Sacramento, and residents have easy access to the Golden State Freeway and Interstate Route 5.