ROSEVILLE, CA—CBRE Capital Markets has completed the sale of Rosemeade at Olympus Pointe, a 465-unit apartment complex in Roseville.
The transaction is the largest multifamily deal ever in the Sacramento region. Rosemeade was broadly marketed and received tremendous investor attention with an extremely competitive field of offers, CBRE noted.
The ConAm Group ultimately re-capitalized the deal, partnering with one of the groups that participated in the best and final round of offers, SyRES Properties. A subsidiary of Syufy Enterprises, this transaction marks SyRES Properties' first multifamily acquisition. The sales price was not disclosed.
Marc Ross and William Blucher of CBRE's Sacramento office, along with Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch of CBRE's Phoenix office, represented the seller comprised of The ConAm Group and an institutional client advised by CenterSquare Investment Management, a BNY Mellon company.
“Given its prime micro location within a highly coveted market early in its economic and rental expansion cycle, this rare, core-plus offering generated significant interest from the investment community, including those looking to enter the Sacramento market for the first time,” said Ross, VP multifamily.
Rosemeade is among the Sacramento region's finest luxury apartment communities. Built in 1992, this exclusive property is equipped with luxury amenities featuring 465 garden-style apartment homes. Premium design features include abundant architectural relief, a single-loaded apartment home design, extended eaves, vaulted ceilings, oversized windows, garages, storage units, and a host of community amenities.
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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.
