Search
 

Merchant Builder Sells 280-Unit Complex for $27.6 Mil

ELK GROVE, CA-The apartment sale, which translates to $98,571 per unit and comes with an 8.34% cap rate, is the third largest sales transaction seen in the Sacramento region this year.

By Michelle Savage | Updated on September 12, 2001

ELK GROVE, CA-Wolff Companies recently purchased a 280-unit apartment complex in Elk Grove from merchant builder Groupe Company for $27.6 million, the third highest sale in the Sacramento this year.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.