Search
 

Investor Buys Apartment Complex, Plans Condo Conversion

ROCKLIN, CA-For $9 million, a Yuba City investment group has purchased 63 units in Rocklin, a rapidly growing city. The new owner will now turn around and sell the units as individual properties.

By Michelle Savage | Updated on June 20, 2002

ROCKLIN, CA-Oakridge, a multi-family property in Rocklin, has been purchased by Port Kihei Investments, a Yuba City-based investment group, for $9 million, from a Japanese investor.

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.

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.