440 Apartment Units Trade Hands for $54.56M

SACRAMENTO, CA-Fairfield Development and GE Capital have sold 440 new luxury apartment units in North Natomas to Raycliff Partners LP for $54.56 million or $124,000 per door. The units are part of two separate developments located on adjacent parcels in the Sacramento suburb.

The Miramonte Apartments has 268 units and the Trovas Apartments has 172 units. Both developments were completed this year. Rent ranges from $1,000 to $1,550 per month for units that range in size from 714 sf to 1,275 sf. At the time of the sale, which closed last week, the combined properties were 98% occupied.

Arroyo & Coates handled both sides of the transaction. Pedro Arroyo represented the buyer in the transaction. The seller was represented by Curtis Gardner and Mark Leary. Leary tells GlobeSt.com the buyer is a private family that owns other North Natomas multifamily properties and was in the middle of a $45-million 10-31 Exchange, trading out of an office building in San Francisco.