Sacramento, CA – May 26, 2016 – CBRE Capital Markets announced it has arranged the sale of three apartment communities in Sacramento, California, on behalf of Oakmont Properties for a total of $89 million, or just over $105,000 per unit. The properties were each purchased by separate buyers.
The properties included in the transaction were:
- Stone Creek Apartments, 2645 Stonecreek Drive; 368 units. Sale price: $43.5 million, or $118,207 per unit, to Bascom San Francisco, LLC.
- Sunflorin Village Apartments, 8550 Florin Road; 256 units. Sale price: $23.9 million, or $93,359 per unit, to K&C Investments.
- Oak Pointe, 2450 Seamist Drive; 216 units. Sale price: $21.3 million, or $98,380 per unit, to Latitude Management Real Estate Investors, Inc.
Marc Ross of CBRE’s Sacramento office represented Oakmont Properties in the sale.
“There was frenzy around these assets as investors viewed them as excellent renovation opportunities within one of the top rental markets in the nation,” said Mr. Ross, Senior Vice President, Multifamily, CBRE. “Sacramento’s recent rental performance has been remarkable and its forecasted growth contributed to the highly competitive bidding process.”
Sacramento experienced 10 percent rent growth year-over-year as of March 2016. The city was recently ranked first nationally by Axiometrics for annual effective apartment rent growth and ranked second nationally for projected rent growth over the next five years.
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 (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.