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SAN RAMON, CA-Publicly held United Dominion Realty Trust quietly acquired 650 newly constructed units here last month for $146.3 million. The multifamily REIT from Richmond, VA, paid $90 million for the 400-unit Mill Creek at Windermere, which is still in lease-up, and $56.3 million for the 250-unit Canyon Oaks at Windermere, according to an SEC filing from the end of July.
San Ramon is located 30 minutes east of Oakland in the Interstate 680 corridor, between the cities of Walnut Creek and Dublin. The luxury multifamily properties include one-, two- and three-bedroom apartments with walk-in closets and all new appliances including in-unit washers and dryers. Other features include attached and detached garages, a clubroom, picnic areas, playground, pool, spa and outdoor fireplace.
The seller was a partnership led by Fairfield Residential of San Diego. Curtis Gardner, a principal with Arroyo & Coates Apartment Marketing Group, handled both sides of the transaction.
Canyon Oaks was completed in late 2005 and is currently 94% leased. Apartment units average 942 sf and average monthly collections are $1,516 per unit, according to SEC filings. United Dominion says the property will be considered for future condominium conversion.
Mill Creek was completed in the second quarter of 2006 and so far approximately 74% of the units have been leased. Apartment units average 953 sf and average monthly collections are $1.498 per unit. Stabilization is expected during the first quarter of 2007.
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