Sacramento, CA – August 30, 2016 – CBRE Capital Markets announced it has arranged the sale of Gold Ridge Apartments, a 268-unit, Class B apartment community located in the Rancho Cordova submarket of Sacramento, California, for $27.4 million, or just over $102,000 per unit.
Marc Ross of CBRE’s Sacramento office represented Oakmont Properties in the sale.
“This presented an excellent opportunity to invest in a rising submarket within the best performing apartment rental market in the nation,” said Mr. Ross, senior vice president, Multifamily, CBRE Capital Markets. “The property’s basic interior finishes and underutilized common areas also allow the new owner an opportunity to create significant value through strategic upgrades.”
Located at 2929 Routier Road, Gold Ridge Apartments is in the center of the region’s largest office submarket. The two-story, garden-style complex was built in 1987 and features 23 buildings on 12.19 acres.
Community amenities include an onsite leasing office, pool and spa, gated community, playground,lighted basketball court, private patio/balcony, fitness center, covered parking, and laundry facilities.The site is in proximity to numerous retail and entertainment destinations, public schools, and major regional employers. The property is easily accessible to the area’s major freeways, including Highway50, as well as various public transportation options like the SRT Light Rail with a station within walking distance.
Sacramento is ranked first nationally by Axiometrics for annual effective apartment rent growth,experiencing 12 percent rent growth year-over-year as of July 2016.
The property was purchased by a private investor in a 1031 exchange and was represented by Marcus and Millichap.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking;appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.