SACRAMENTO, CA-Holland Residential engaged the Sacramento Multi-Housing Group of CBRE to facilitate Holland's exit from the Sacramento market with the sale of Bella Vita and Copper Creek.

Bella Vita, a 220-unit Class B multi-housing community located in the Arden-Arcade submarket of Sacramento, sold for $15.5 million to Bay Area-based Green Leaf Partners on July 31. Copper Creek, a 268-unit multi-housing community located in the Citrus Heights submarket of Sacramento, sold for $21.05 million to Bay Area-based JCM Partners on August 29. The CBRE team was led by Marc Ross and William Blucher.

“Holland performed a major exterior renovation on both properties when they were acquired in 2006, making them ideal candidates for a moderate interior renovation program taking advantage of the strengthening fundamentals in both submarkets,” says Ross who leads the Sacramento Multi-Housing Group at CBRE. “With job growth now kicking in across nearly every major sector, and over 100,000 jobs left to create before returning to our peak employment base, the Sacramento apartment market is poised to benefit significantly as the market transitions from the recovery phase of the cycle into the expansion phase.” The team has brokered five deals totaling more than $56 million in the Sacramento Region so far this year, with over $15 million in pending closings and another $108 million currently on the market.