Sacramento – June 14th, 2021 – CBRE has announced that two multifamily communities, Garnet Creek in Rocklin, Calif. and Autumn Ridge in Citrus Heights, Calif., have been listed for sale. Garnet Creek is expected to sell for approximately $100 million (~$385,000 per unit), and Autumn Ridge is expected to sell for approximately $110 million (~$268,000 per unit).
CBRE’s Marc Ross is representing both sellers. Garnet Creek is being sold by an affiliate of Cresleigh Homes Corporation, a home-builder in the Greater Sacramento Region. Autumn Ridge is being sold by Oakmont Properties, a Sacramento-based real estate firm.
Located at 5002 Jewel Street, Rocklin, Calif., Garnet Creek was originally built in 2018. The 268,460 square-foot community is comprised of 260 units and features a pool, spa, 24-hour fitness center, bocce ball court, business center, dog washing station, playgrounds and car wash station. The property includes an adjacent 1.5-mile trail along a creek providing recreational space and connectivity to neighboring developments and retail.
Autumn Ridge was originally built in 1986 at 6011 Shadow Lane in Citrus Heights, Calif. The 325,482 square-foot property is comprised of 410 one- and two-bedroom units. Community amenities include three pools and spas, clubhouse, fitness center, fireplace lounge, racquetball court, tennis court and business center.
Garnet Creek and Autumn Ridge are 99 percent and 96 percent leased, respectively.
“Garnet Creek and Autumn Ridge are two of the most coveted multifamily assets in the West for those investors seeking a trophy Core plus or traditional value-add opportunity,” said Mr. Ross. “Both communities have performed exceptionally well throughout the COVID-19 pandemic and offer compelling opportunities for their respective deal profiles. We expect to field many competitive offers for both properties.”
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.