Occupancy at the property is approximately 94%. Amenities include three pools, two spas, two fitness centers, four sport courts, a business center with wireless internet access, an activity center, a playground and picnic areas. The property shows up under two addresses, 1751 E. Roseville Pkwy. and 8800 Sierra College Blvd.

The list price represents $111,111 per unit, $106.58 per square foot and, according to one local source, a 6.5% cap rate. Replacement cost is believed to be at least $175,000 per unit. Listing brokers Mark Leary Curtis Gardner and Nate Oleson were not immediately available Tuesday for comment.

According to a marketing flier the average unit size is 1,043 square feet and the average rent is $1,024 per month. The average rent reflects a 1% decline from the trailing three-month average and a 6.6% decline from the 2008 average rent, it states. The first-to-third quarter 2009 rent decline was 1.8%; the decline since the peak (third quarter 2008) is 10.1%.

ARA is also marketing for sale McKenzie at Natomas Park, a garden-style community totaling 152 apartment units located in the Northern Natomas area of Sacramento. The asking price is $19 million or $125,000 per unit; just like Slate Creek, offers are due Dec. 16.Apartment investment properties have fared better than other core property sectors due to financing through government-sponsored entities (Fannie Mae and Freddie Mac), though recent modifications requiring more substantial owner experience will affect lender decisions, according to a third quarter review by William Hughes, a senior vice president with Marcus & Millichap Corp.

Loan-to-value requirements range from 55% to 75% and portfolio lenders are issuing loans at all-in rates of 6% to 6.75% for a five-year term and 6.9% to 8% for a 10-year term, he says. Agency lender rates are roughly 150- to 175 basis points lower.

"Delinquencies will rise further as a wave of maturities approaches; however, at-risk borrowers may find lenders amenable to loan extensions/modifications," he concludes. "Furthermore, Freddie Mac is under way on its second securitization of multifamily debt this year, and the government's TALF program is expected to at least provide a much-needed spark to the traditional CMBS market."

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