Prime Residential Makes $210MM Deal for Two Multifamily Communities in Folsom

Prime Residential, Gerson Bakar & Associates, The Falls at Willow Creek, The Legends at Willow Creek, Palladio Shopping Center, Broadstone Shopping Center, Historic Folsom, Folsom Outlet Mall, Humbug Willow Creek Trail, Folsom Lake, Lake Natomas, Folsom

By Kate Snyder

In a $210 million portfolio deal, a San Francisco-based real estate firm recently acquired two multifamily communities in Folsom, according to public records. The seller for both properties was listed as entities affiliated with Gerson Bakar & Associates, and the buyer for both were entities affiliated with Prime Residential.

Prime Residential bought The Falls at Willow Creek for $148.6 million, or approximately $348,826 per unit, and The Legends at Willow Creek for $61.4 million, or approximately $295,192 per unit, according to sale records. The complexes are located less than a mile away from each other on the east side of the city, with The 426-unit Falls located at 1780 Creekside Drive and The 208-unit Legends at 180 S Lexington Drive.

Both communities are located near Palladio and Broadstone Shopping Centers and are a quick drive away from Historic Folsom and the Folsom Outlet Mall, according to each property’s website. The Humbug Willow Creek Trail borders the communities, and Folsom Lake, Lake Natomas and the American River are also close by.

The Legends offers one- and two-bedroom units, according to Apartments.com, and amenities include detached garages, a bike trail and energy efficient central heating and air conditioning. The Falls offers one-, two- and three-bedroom units with amenities such as assigned covered parking, plank vinyl wood style flooring and a walking, jogging and bicycle trail. Other amenities for both complexes include electric vehicle charging stations, courtesy patrols and outdoor heated spa areas.

Gerson Bakar & Associates is based in San Francisco and owns several California multifamily properties, including Westlake Village in Daly City, Park Newport in Newport Beach and both Barcelona Resort Apartments and St. Moritz Apartments in Aliso Viejo, according to the firm’s website.

Gerson Bakar & Associates was also involved with the sale of the 759-unit Oak Creek Apartments to Stanford University earlier this year, according to previous reporting from The Registry. The property located at 1600 Sand Hill Road in Palo Alto. The firm was also involved in the sale of two multifamily communities in Redmond, Wash., earlier this year: the Gates of Redmond and Olde Redmond Place, which sold for $71.3 million and $79 million, respectively. Both Redmond properties were bought by Pacific Urban.

Prime Residential owns more than 18,000 multifamily apartments and townhomes that are in some of the “most sought-after locations all along the West Coast,” according to the company’s website. Founded in 1989, Prime Residential is headquartered in San Francisco with offices in Los Angeles.

West Coast Commercial Real Estate News