Gensiro Kawamoto, a Japanese private investor, sold Oakridge, which consists of 63 units, to the investment group for about $143,000 per unit. Port Khei Investments plans to make a substantial investment in renovating and repositioning the asset in order to sell the units individually.
Rocklin is located northeast of Sacramento along Interstate 80. One of the fastest growing cities in the state of California, Rocklin has a population of about 30,000 and is rapidly increasing.
Recent reports tout Rocklin's potential for future development due to the increased investor interest in retail properties in the area. Over the next few years, these retail developments are expected to create thousands of jobs for people renting apartments.
Jas Bains of Marcus & Millichap represented the seller and the buyer in the transaction. Bains says the owner will sell the units individually when renovations are complete.
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