268-Unit Apartment Complex Attracts $15.7 Mil

SACRAMENTO-A joint venture team, consisting of Haverford Capital and a Los-Angeles based investor, has acquired the Suncreek Apartments in Sacramento for $15,710,000. Hanover is an equity and mezzanine financing source for real estate investors and developers,

“The Sacramento market has remained strong with continued population and job growth, despite the current state of the economy,” says David Blenko of Haverford Capital, which provided $3,942,000 of equity funding for the deal. “In the past two years, rental rates have increased over 10 percent and vacancies have remained low. This project provides housing close to the area’s major business centers and can be upgraded and repositioned in this tight housing market.”