FAIRFIELD, CA—Atlanta-based ARA has led the sale of Summit at Paradise Valley, a 180-unit garden-style community built here in 1989.
Klingbeil Capital Management Ltd. sold the property to TruAmerica for $26 million or $144,444 per unit and $148 per square foot. The property, is conveniently located off of I-80 in north Fairfield across the street from Raley's Plaza.
The ARA Pacific team, led by San Francisco-based principal, Mark Leary, served as the exclusive advisors on the transaction.
According to ARA's Leary, “Summit at Paradise Valley fits very well within TruAmerica's value-add model and could greatly benefit from both interior and exterior upgrades. Moreover, this asset is well positioned to take advantage of a strong rental market that is projected to see solid rent appreciation over the next few quarters.”
With limited new supply projected in the submarket over the next few years, Summit at Paradise Valley is well positioned to maintain a 95%+ occupancy. In fact, the submarket is ranked in the top six percent nationally in terms of vacancy projection for the next five years. Summit at Paradise Valley was approximately 97% occupied at the time of the sale.
ARA is an investment advisory brokerage firm focusing exclusively on the multihousing industry.
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