MODESTO, CA - Graceada Partners is pleased to announce the acquisition of 3902 Annadale Lane in Sacramento, the Carson Aire Apartments. This 174-unit apartment community is located in the Outer Arden-Arcade submarket northeast of downtown Sacramento. Current in-place rents are an estimated 37% below market and the property has no Covid related delinquency or deferred rent. The property was purchased for $136,500 per unit.
“Over the past two years, we have been focusing a lot of our growth in the Sacramento market, but keeping to our clear-cut strategy of disciplined investing and a focus on being well below replacement cost,” said Joe Muratore, CCIM, Principal with Graceada Partners. “We see tremendous upside with this property—there’s room for rental growth, low vacancy rates and it’s situated in one of Sacramento’s largest and most affordable submarkets. And the Sacramento market continues to boom from the Bay Area exodus.”
The property features four (4) two-story buildings and a mix of studio (9%), 1 BD (75%), 2 BD (15%), and 3 BD (1%) units on a 4.84 acre site. It is located in the Arden-Arcade neighborhood within the City of Sacramento and 10 miles to the northeast of the Sacramento CBD via Highway 80 (Capital City Freeway).
Graceada Partners plans to modernize operations within the property and bring rents to fair market value, create a website for the property, introduce RUBs, and establish a more tenant services approach to management. With the changes, Graceada Partners anticipates a strong increase in the value of the property along with increasing Net Operating Income.
“We are excited to improve this asset in the Arden-Arcade neighborhood of Sacramento,” added Ryan Swehla, CCIM, CPM, Principal with Graceada Partners.
This acquisition is an investment from Graceada Partners Fund III.
With over $500 million of assets under management, Graceada Partners invests in value-added real estate by renovating, rebranding, and leasing-up space. They are the market leader specializing in commercial real estate investment in California's fastest growing region, the 7.5 million population Central Valley. Born in 2008 during the heart of the Great Recession, they are seasoned experts with looming economic uncertainties, which has allowed them to turn market dislocation into successful investments.