The property, located at 9444 Harbour Point Drive, is a 281,680-sf apartment complex that stretches across 15 acres of land. Constructed in 1999, the complex is in mint condition with full amenities, including a pool, fitness center, spa, children's playground and business center with computers, according to Blomsterberg.
The Marcus & Millichap team of Ken Blomsterberg and Stan Jones represented both companies in the transaction, which worked out to a sale price of $98,571 per unit. Chase Capital Partners was the equity partner with Groupie, and First Union was the lender on the deal, with an 8.34% capital rate on current income.
"It's a newly constructed property in a bull's-eye location," Blomsterberg told GlobeSt.com. "The property's clean as a whistle and each unit has a washer/dryer and fireplace."
Blomsterberg says that rents in the complex average about $985 per month, and that he thinks that the repositioning potential is fairly high, as the Sacramento market is strong right now. Rents in the past 12-24 months have increased significantly in the area, and the building is nearly fully occupied right now, according to Blomsterberg.
This sale contributed to a highly profitable month for Sacramento's Marcus & Millichap office, which closed $61.9 million in investment transactions during the month of August.
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