Source: Sequoia Equities / #Multifamily #Apartments
WALNUT CREEK, CA - Sequoia Equities, Inc. announced the purchase of Mill Springs Park Apartments, a 210-unit apartment community in Livermore, California. This marks the third acquisition of the year for the privately held real estate investment company that was formed in 1986.
Mill Springs was built in 1990, and is comprised of 175,650 square feet in ten two-story residential buildings and one single-story building, housing the leasing offices, fitness facilities, and resident multi-purpose room.
This new acquisition is located adjacent to Livermore’s central business district, offering local restaurants, boutiques and winery store fronts. The location offers the ideal mix of walkable convenience to the downtown core while being only minutes from the 580/680 corridor and convenient BART stations.
Sequoia will break ground on a 3 million dollar renovation in August to modernize the building’s apartment interiors and amenities. Sequoia Equities’ General Partner and Director of Acquisitions, Pat Reilly, explains, “Today’s renter expects more than just a great location, which Mill Springs has. Our renovation efforts are aimed at maximizing space and design needs that appeal to area customers.” Interior improvements will include new panel cabinetry, faux wood and Berber flooring, modern fixtures, and stainless appliances.
The apartment community was purchased for $46,550,000, with 73% Fannie Mae financing. Sequoia Equities will also provide the operational management services for the property.