Sacramento, CA – October 31, 2017 – CBRE Capital Markets has arranged the sale of Waterford Cove, a 188-unit, garden-style apartment community in Sacramento, California, to Bridge Partners for $33.8 million.
Marc Ross of CBRE’s Sacramento office arranged the sale on behalf of the seller, Oakmont Properties. The property was 97% occupied at the time of sale. The buyer assumed an existing low-leverage loan and added a supplemental loan as part of the acquisition.
“Waterford Cove is just one of two properties in the Pocket submarket with nine-foot ceilings and the unit interiors are largely original. Bridge Partners has a tremendous opportunity to capitalize on the existing loss-to-lease as well as capture additional revenue upside through property renovations, “ said Mr. Ross.
Built in 1988, Waterford Cove features a highly desirable unit mix, fully comprised of spacious one- and two-bedroom floorplans. The property features an assortment of in-unit amenities including full-size washers and dryers, dishwashers, central heat and air, 9’ ceilings and patios/balconies in every unit.
Located at 7650 Windbridge Drive, in one of the closest, most affluent residential neighborhoods to Downtown Sacramento, Waterford Cove is poised to benefit tremendously from the enormous investment in regional amenities taking place in Sacramento’s urban core. The property is ideally located 10 minutes south of Downtown Sacramento with convenient access to Interstate 5 and within minutes of the region’s largest employment centers and growing retail amenities, including Delta Shores, the region’s newest retail power center.
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 (based on 2016 revenue). The Company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.