ROSEVILLE, CA—A partnership formed by SyRES Properties, LLC and ConAm Properties, LLC has purchased Rosemeade at Olympus Pointe, a 465-unit multifamily property located at 1451 Rocky Ridge Drive in Roseville.
Dennis Sidbury, senior vice president of NorthMarq Capital's San Francisco-based office, secured $52 million in financing for the acquisition. The transaction was structured with a 20-year term with 3 years interest only and a 25-year amortization schedule. NorthMarq arranged financing for the transaction, a joint venture between entities, through its correspondent relationship with a life insurance company. The seller will remain on as property manager and carry a minority interest in the new borrowing entity.
“This transaction is an ideal fit for SyRES Properties and we plan to continue to grow our portfolio with similar high-quality acquisitions,” said Glen Ceridono, senior vice president for the firm and head of acquisitions.
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