Sacramento – CBRE has announced the sale of Harvest at Fiddyment Ranch, a 300-unit multifamily community in Roseville, Calif., to Walnut Creek, Calif.-based real estate investment firm Bridge Partners for $111 million.
CBRE’s Marc Ross represented the seller, USA Properties Fund of Roseville, Calif. in the transaction. Andrew Behrens of CBRE’s San Francisco office organized the acquisition loan on behalf of Bridge Partners.
Located at 1900 Blue Oaks Boulevard within the Fiddyment Ranch master-planned community in West Roseville, the Class A property was 97 percent leased at the time of sale. “We developed a high-end, quality apartment community with a long list of amenities in an excellent location in one of the fastest-growing cities in the state, and that helped drive the incredible interest,” said Geoff Brown, President of USA Properties Fund. “We are extremely proud of what we accomplished with Harvest at Fiddyment Ranch, and the sale will help fund future apartment communities.”
Harvest at Fiddyment is comprised of one-, two- and three-bedroom units, ranging from 771 square feet to 1,258 square-feet. Amenities include a modern clubhouse and game room, state-of-the-art fitness center, a heated pool and spa, dog park and playground. The community has direct access to the Pleasant Grove Creek Trail. West Park High School is under construction just a mile from the property, currently serving 9th and 10th grade students and will begin accepting 11th and 12th graders within the next two years.
“Harvest will become one of the few suburban assets walkable to a high-end grocer and have substantial access to desired retail with the completion of a Raley’s Supermarket-anchored retail center adjacent to the property and a new Nugget Market-anchored shopping center nearby,” said Mr. Ross. “As the property’s micro-location matures and amenities continue to develop, Harvest at Fiddyment Ranch is positioned to capitalize on an infill premium and experience significant rental growth.”
He added, “The listing attracted unprecedented investor attention, providing evidence of continued optimism in Sacramento’s apartment market.”
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 2020 revenue). The company has more than 100,000 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. Please visit our website at www.cbre.com.