SACRAMENTO, CA - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation, focusing exclusively on the multihousing industry, announces the sale of two Sacramento assets totaling 424 units and $58.8M. Both assets had a thirty-day marketing window.
The first asset, Pinnacle at Galleria, is a 236-unit gated community built in 2000 and located in Roseville. The property is a Class A asset featuring a beautifully-appointed clubhouse, a complete amenities package, detached garages and a great unit mix which includes mostly two and three bedroom units and some of the largest layouts in the submarket. Located across the street from the Westfield Galleria at Roseville (anchored by Nordstrom) and next door to the Fountains at Roseville (anchored by Whole Foods), Pinnacle at Galleria has one of the best locations in the entire region.
The Oregon-based private buyer acquired the asset from a San Francisco-based REIT. Pinnacle at Galleria, which was 94% occupied at the time of sale, was an all-cash transaction.
The second asset, Waterford Cove, is a 188-unit community built in 1987 and located in “The Pocket” sub-market. The Pocket is highly desirable due to its close proximity to downtown Sacramento. This Class B property features attractive amenities including a 3,200 sq. ft. resident clubhouse with an entertaining kitchen and business center, a swimming pool and spa, and fitness center. The individual units feature nicely designed layouts with spacious living areas and in-unit washers and dryers. Oakmont Properties purchased Waterford Cove from Bay-Area based GW Williams Co. Oakmont Properties secured new Freddie Mac financing for the purchase of the asset, which was 94% occupied at the time of sale.
The ARA Pacific team, led by San Francisco-based Principal, Mark Leary, served as the exclusive advisors on these transactions. According to ARA’s Mark Leary, “The Sacramento rental market is rebounding and rents are on the rise. Both buyers will benefit from an increase in rents and a decline in vacancy.”
To schedule an interview with an ARA executive regarding these transactions or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Mark Leary, at mleary@ARAusa.com or 415.273.2152.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.