SACRAMENTO, CA-ARA, a national leader in the multihousing industry, has completed the sale of Laurel Oaks Apartments for $35 million.
The property, a 520-unit garden style apartment community built in 1984, is located in the South Natomas area of Sacramento. LDK Capital and the Garibaldi Company purchased the asset for $35 million which is $67,308/unit and $85/foot.
The ARA Pacific team, led by San Francisco-based principal, Mark Leary, served as the exclusive advisors on the transaction. According to Leary, “San Diego based ConAm sold the asset after owning it for nearly 30 years and LDK Capital and The Garibaldi Company plan on holding it for at least 10 years. The sale provided ConAm the ability to harvest long term equity. While at the same time the acquisition was a great opportunity for the buyers to take advantage of the rising rental rates.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
