WALNUT CREEK, CA - Sequoia Equities, Inc. today announced the acquisition of the Cross Pointe Apartments, located on the border of Brentwood and Antioch, two of California's fastest growing cities. Built in 2003, this 244 unit luxury apartment community totals 220,840 square feet, and includes 15 two and three-story residential buildings and two single story buildings containing a management office, fitness facility, and clubhouse.
Situated adjacent to the region's major retail hub at Lone Tree Way and the Highway 4 bypass, Cross Pointe provides residents with gorgeous views of Mt. Diablo and convenient access to a wide spectrum of recreation, popular dining, and lifestyle centers. Several national companies have allocated substantial resources to developing and maintaining a presence in the communities of Brentwood and Antioch. This has assisted in earning a growing reputation as business-friendly cities. The solid foundation of local employment offers residents an array of job opportunities in the transportation, retail/entertainment, and medical sectors.
Sequoia Equities' President and CEO, Mark Carter says, "The acquisition of Cross Pointe demonstrates a unique opportunity to acquire a relatively new asset in a market area that offers a limited supply for those seeking a high quality rental community environment; it will make an excellent addition to our steadily growing portfolio of multifamily real estate in California."
The acquisition of Cross Pointe Apartments was funded with 75% Fannie Mae financing. Sequoia Equities will assume day-to-day operational management of the property.
Source: Sequoia Equities