Crown Capital Buys Waterford Cove Apartment Community in Sacramento for $61.9MM

CBRE, Waterford Cove Apartments, Sacramento, Walnut Creek, Bridge Partners, San Francisco, Crown Capital

Sacramento – August 2, 2022 – CBRE has arranged the $61.9 million ($329,255 per unit) sale of Waterford Cove Apartments, a 188-unit multifamily community in The Pocket neighborhood, a submarket of Sacramento. 

Marc Ross of CBRE represented the seller, Walnut Creek-based Bridge Partners, in the transaction. The buyer is San Francisco-based Crown Capital.

Located at 7650 Windbridge Drive, Waterford Cove features one- and two-bedroom units averaging 864 square feet and a parking ratio of 1.4 spaces per unit. Built in 1988, 89 of the units were recently renovated and include wood-style flooring, stainless steel appliances, fireplaces, full-size washers and dryers, high ceilings, and private balconies and patios. Community amenities include a large clubhouse, fitness center, business center, swimming pool, car wash area and an outdoor lounge. Property upgrades include fresh paint, a remodeled clubhouse, an outdoor bistro area, a resurfaced pool and new pool furniture, among others.

“Waterford Cove offers great financial upside through continuation of a proven renovation program,“ said Mr. Ross. “Given its strong leasing history and affluent location just 10 minutes from Downtown, Waterford Cove will be a star performer for Crown Capital.”

Waterford Cove offers convenient access to Interstate 5 and is less than a 10-minute drive of Sacramento’s largest employment centers, including Downtown Sacramento and Elk Grove. The Sacramento Regional Transit “Pocket Express” stop is across the street, providing connectivity to Downtown. The Sacramento International Airport is a 20-minute drive from the community.

Nearby recreation, retail and entertainment amenities include Garcia Bend Park, the Sacramento River and the Sacramento River Bike Trail, Downtown Commons (DoCo), Golden 1 Center – home to NBA’s Sacramento Kings, and Delta Shores, a new regional retail center.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.

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