Cupertino-based Sobrato Development Cos. has purchased the Tamaron Ranch, a 796-unit apartment complex located at 2025 West El Camino Avenue in South Natomas, for approximately $50 million. The listing price was $56 million.
The seller, Trammel Crow, a Texas-based real estate development and management company, bought Tamaron Ranch in 1997 and completely remodeled it. The property is located about five minutes from downtown Sacramento. The apartment units are nearly fully occupied and rents for one and two bedrooms are seen at $650 to $1000.
Earlier this year, Sobrato bought Slate Creek at Johnson Ranch, a Roseville apartment complex, from Trammel Crow for $53.5 million.
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