SACRAMENTO—The Sacramento apartment market continues to improve in both rates and occupancy as the combination of a lack of new supply and an improving job market is expected to further lead to a positive effect on housing fundamentals. With regard to the improving multifamily market, two Sacramento-area apartment communities have been acquired, totaling 640 units in Roseville, CA and Rancho Cordova, CA. PCCP LLC provided in excess of $100 million in senior loans to Sacramento-based Oakmont Properties for the two-property acquisition.

Philip Russick, principal with PCCP, tells Globest.com: "These loans fit into PCCP's strategy of lending against quality real estate with experienced borrowers."

The first loan was for the acquisition of The Preserve at Roseville, a 97% occupied, 336-unit, class-A garden-style apartment community. Built in 1999, the property is located at 1299 Antelope Creek Dr. and is situated on 17.6 acres. The property is just 30 minutes from downtown Sacramento; is adjacent to the Douglas Boulevard office corridor; and is also close to consumer services, executive housing and two large hospitals (Kaiser Permanente and Sutter Health). The asset further benefits from convenient highway access via Interstate-80 and Interstate-65.