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BRE Sells Canterbury Downs to CTL Management

ROSEVILLE, CA-The San Francisco apartment REIT sells the 173-unit apartment complex here to the private real estate investment firm from Portland, OR, for $19.6 million.

By Brian K. Miller | Updated on August 24, 2008

ROSEVILLE, CA-BRE Properties of has sold the 173-unit Canterbury Downs apartment complex here to the CTL Management for $19.62 million, according to the listing brokerage firm, Arroyo & Coates. BRE is a San Francisco-based apartment REIT. CTL is a private real estate investment firm from Portland, OR.

The sale price equates to $113,439 per unit and $147 per square foot. The capitalization rate on CTL’s investment is approximately 5.6% based on 90-day trailing expenses and pro forma expenses. Vacancy over the past 90 days has been approximately 5%.

Built in 1993 at 800 Micro Ct., a couple of miles from Hewlett Packard’s regional HQ, Canterbury Downs features one-, two-, and three-bedroom floor plans with an average unit size of 770 sf. All units include a full size washer & dryer, central heat and air conditioning, a contemporary appliance package and a private patio or terrace. Community amenities include a clubhouse, swimming pool, Jacuzzi, fitness center, indoor air conditioned racquetball court, a lighted tennis & basketball court, a children’s playground and detached garages.

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