Savannah Court Apartment Community in Sacramento Sells for $22.4MM

CBRE, Savannah Court, Sacramento, VisionWise Capital, Natomas, Roseville,

SACRAMENTO, CA – AUG. 16, 2017 — CBRE announced the sale of Savannah Court, a 195-unit Class B apartment community, located at 4301-4399 Norwood Avenue, in Sacramento, California, for $22,425,000.

The CBRE Sacramento Multifamily team led by Marc Ross, senior vice president, represented the seller, VisionWise Capital, LLC, in the disposition. Additional resources were provided by CBRE Capital Markets vice chairman, Brian Eisendrath, who delivered financing for the buyer, Pathfinder Partners, LLC.

“After having brokered the property to VisionWise Capital three years ago with discussion of a path for creating value, it’s exciting to have helped them come full circle on such a successful investment,” said Mr. Ross. “Still, further upside opportunities exist and, together with strong projected rent growth during the next few years, Savannah Court is well positioned to be a lucrative investment for Pathfinder Partners as well.”

Built in 1986, Savannah Court consists of 195 units spread across 24, two-story garden-style buildings and 8.92 acres. The property offers studio, one, and two bedroom units and boasts high-level amenities such as in-unit washer/dryers, central heat & air, balconies/patios, walk-in closets and gas fireplaces. Residents enjoy various community amenities including a fitness center, business center with free computer use and internet, tennis court, swimming pool and spa.

Savannah Court is located off Norwood Ave in the Natomas submarket of Sacramento and offers a compelling housing alternative to the more expensive submarkets of Roseville and Downtown Sacramento. The Property sits adjacent to a grocery anchored shopping center and less than 4 miles from the Natomas Marketplace, a regional power center that houses more than 35 stores, restaurants and specialty merchants.

Sacramento is ranked first nationally for rent growth and is one of just a few late cycling markets in the Western U.S. The North Sacramento submarket where Savannah Court is located, has experienced double-digit year-over-year rent growth, 12.8 percent per CBRE Econometric Advisors, and had an average vacancy of less than 4.0 percent in 2016. These strong fundamentals are expected to continue, as rent growth is expected to reach 7.0 percent in 2017.

CBRE’s Sacramento Multifamily team, the leader in the region, has sold five properties locally year-to-date totaling roughly $100,000,000 and has five more high-profile properties in contract totaling an additional $185,000,000.

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 approximately 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.

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