Source: Sequoia Equities / #Apartments #Multifamily
WALNUT CREEK, CA - Sequoia announces the acquisition of Shore Park at Riverlake, a 393-unit, garden-style apartment community located in the highly desirable Pocket-Greenhaven neighborhood of Sacramento, California.
Built in 1988, Shore Park is comprised of over 354,000 residential square feet situated on 18+ acres. This acquisition increases the firm's portfolio holdings to 13,888 units across 54 communities.
Shore Park is nestled along the Sacramento River in a suburban, low-density setting. 84% of the community is still in its original condition, thus providing a tangible value-add opportunity through the renovation of unit interiors and common area amenities.
“Shore Park offers an exciting opportunity for our investors,” explains Sequoia’s General Partner Pat Reilly. “We will be embarking on a renovation plan in excess of 6 million dollars that will modernize the interiors of the homes and add to the community’s current amenity offerings. Sequoia has always had a strong reputation for delivering a product that exceeds the expectation of today’s renter while providing the highest level of customer experience possible.”
Sequoia will not only own the asset, but their management arm will provide the day-to-day operation services for the building as well.