BRE Completes Exit from Capitol Market

[IMGCAP(1)]SACRAMENTO, CA-BRE Properties says it has completed a series of planned dispositions in this market. The San Francisco-based apartment REIT says it sold its last two assets in the region–Overlook at Blue Ravine and Arbor Pointe–to private investors at a composite cap rate of 8.5%, according to BRE’s recent SEC filings.

Arbor Point is a 20-building, 240-unit property built in 1987 on 20 acres at 9750 Old Placerville Rd. in Sacramento. Overlook at Blue Ravine is a 39-building, 512-unit property constructed in 1991 and 2001 on 39 acres at 1200 Creekside Dr. in nearby Folsom. Both assets were approximately 93% leased when they came to market at the beginning of the year.

[IMGCAP(2)]Overlook sold for $51 million, or $99,609 per unit, according to BRE; the buyer was David Mercer of California, according to Real Capital Analytics. Arbor Pointe was sold for $16 million or $66,666 per unit to an unidentified Bay Area-based private investor. Curtis Gardner and Mark Leary, principals in the West Coast office of Atlanta-headquartered Apartment Realty Advisors had the disposition assignment.