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Two Multifamily Complexes Bring $58M

SACRAMENTO-Both Sacramento assets, whose combined units total 424, had a 30-day marketing window in this rebounding market.

By Carrie Rossenfeld | Updated on October 15, 2012

(Save the dates: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24; RealShare Medical Office Buildings comes to the Four Seasons in Scottsdale, AZ, November 7 -8; and RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 – 6.)

SACRAMENTO-Two local multifamily assets totaling 424 units have sold for $58.8 million; both assets had a 30-day marketing window. A San Francisco-based REIT sold Pinnacle at Galleria, a 236-unit, class-A, gated community located in Roseville across the street from the Westfield Galleria, to an Oregon-based private buyer. Bay Area-based GW Williams Co. sold Waterford Cove, a 188-unit community in the “Pocket” submarket close to downtown, to Oakmont Properties. Mark Leary, principal of Atlanta-based investment-advisory brokerage firm ARA, and his Pacific team served as the exclusive advisors on these transactions. Leary says that the Sacramento rental market is rebounding and rents are on the rise.

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