(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22nd in Los Angeles).
ROCKLIN, CA-GlobeSt.com has learned that Demmon Partners has sold Meridian at Stanford Ranch, a 452-unit multifamily community located within Stanford Ranch, a 3,500-acre master-planned community in Rocklin. The sales price of $48.35 million equates to $106,969 per unit and $120 per square foot.
Stan Jones, executive vice president investments, Phil Saglimbeni, vice president investments and Sal Saglimbeni, vice president investments, all with Institutional Property Advisors, a recently formed multifamily brokerage division of Marcus & Millichap, represented the seller and the buyer, FPA Multifamily LLC. FPA acquired the property on behalf of its fully discretionary Apartment Opportunity Fund III, which is targeted on purchasing $900 million of multifamily properties in the western US.
“Sophisticated private buyers and select institutions are actively seeking opportunities in the Sacramento MSA where investment yields are more favorable than the core markets of the San Francisco Bay Area and Southern California.” Jones explains. “Meridian at Stanford Ranch’s investment appeal is driven by an exceptional Rocklin location and add-value opportunity through various capital improvement projects.”
According to Phil Saglimbeni, “The property’s micro-location affords easy access to the area’s major employers, retail centers and a plethora of recreational options. The Rocklin-Roseville submarket is considered to be among the best areas in the Sacramento MSA,” he says. “The property was acquired subject to the assumption of an existing life insurance company loan.”
The a 403,311-square foot community is located at 2121 Sunset Blvd., 100 miles north of San Francisco and approximately 90 miles south of the Lake Tahoe area. Downtown Sacramento is a 20-minute drive away.
Meridian at Stanford Ranch was constructed in 2000 on 28 acres. The complex is made up of 26 two-to-three- story wood-frame buildings with stucco exteriors. Community amenities include a resort-style pool and spa, expansive community room, fitness center and business center.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
