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272-Unit Apartment Complex Becoming Condos

SACRAMENTO, CA-With plans to convert the units to condos, a private investor pays $39.4 million or $144,853 per unit for Rollingwood Commons, a 27-acre multifamily development located in the Sacramento suburb of Fair Oaks.

By Brian K. Miller | Updated on December 06, 2004

SACRAMENTO, CA-The 272-unit Rollingwood Commons apartment complex in the Sacramento suburb of Fair Oaks is under new ownership. A private investor paid $39.4 million or $144,853 per unit with plans to flip the units as for-sale condominiums, according to the seller’s broker, Arroyo & Coates.Rollingwood Commons is a garden-style complex built in 1980 on 27 acres at 9160 Madison Ave. The property consists of one, two and three bedroom units. Total net rentable square footage is 253,560.Mark Leary and Curtis Gardner, part of The Apartment Marketing Group of Arroyo & Coates acted as sole advisors to the seller in this transaction. The seller was Creekside Plaza LLC of Calabasas, CA. The new owner is Klamath Investments of Pismo Beach, CA.Leary tells GlobeSt.com the property will be the first conversion in Fair Oaks. One of the property’s attractions is its low density of 10 units per acre. “The property has a lot of green space and is surrounded by additional open space,” says Leary.Leary also recently brokered the sale of an apartment community in Fresno, CA, that will be partially converted to condominiums. In that deal, United Development Group acquired the 313-unit Crystal Springs community for approximately $21.75 million or $69,488 per unit. The seller was a family partnership based out of Pleasanton, CA.Crystal Springs Apartments was built in several phases beginning in 1986 and completed in 1990. The property consists of one-, two- and three-bedroom units totaling 298,500 sf. The property was built in two equal phases, the older phase being a more traditional garden-style complex and the newer phase being a single-story product with attached garages. The new owner plans to convert the newer phase to for-sale condominiums. Leary was assisted in the transaction by fellow Arroyo & Coates broker Craig Chiappone.

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