The 38-building development sits on 31 acres at 1451 Rocky Ridge Dr., adjacent to an office development, a retail center and high-end housing. The buildings surrounded a central common area with a large clubhouse and pool. The units each have their own garage and full-size washer and dryer. It opened in 1992 and is currently 97% leased.

The new ownership plans to invest an additional $5.5 million to substantially renovate the property, both the individual units and the common areas, and then push rents. If things go as planned, the investment should help raise the cap rate on the investment to approximately 7% upon re-stabilization, which would represent an increase of a little more than 100 basis points, according to a source familiar with the transaction.

CBRE /Sacramento had the disposition assignment. Neither the brokers nor the new ownership were immediately available Tuesday afternoon for comment. In a prepared statement, Urdang VP Jeffrey Reder says the business plan "is to capitalize on the asset's strong existing characteristics which include a great location, visibility, proximity to significant employment centers and its inclusion in the Eureka School District." Adds ConAm SVP Rob Singh: "The property has a great design and amenity package."