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 Natomas Ridge, a 796-unit apartment community located in the Sacramento submarket of Natomas, CA.
The ARA Pacific team, led by San Francisco-based Principals, Mark Leary, Curtis Gardner and John McCulloch, served as the exclusive advisors on the transaction. A global investment manager sold the property to Virtu Investments, a national investment group primarily focused on multifamily and based in Larkspur and Carlsbad, California. Virtu Investments has acquired more than 95 assets, valued at over $1 billion over the last 15 years including 12,000 apartment units.
According to Mark Leary, “Natomas Ridge is the largest multifamily asset in the Sacramento region. Due to its sheer size the buyer believes they will find operating efficiencies, which will lead to NOI growth.” Constructed in 1979, Natomas Ridge has undergone significant interior and exterior improvements including enhancements to the amenities, and site and building systems, which have produced superb property conditions and increased the property’s marketability. Also, 765 of the 796 units have undergone complete kitchen and bath interior renovations, creating a rental premium. “With the purchase of Natomas Ridge, Virtú’s third discretionary fund was able to make a significant capital allocation in a market we believe strongly in for the coming years,” said Scott McWhorter, a Managing Principal of Virtú Investments.
Natomas Ridge is located in northwestern Sacramento in the community of Natomas just eight minutes from downtown via I-5. It is also convenient to I-80 and the northern portion of Highway 99’s route through Sacramento, making it a desirable living area for workers who commute.
Natomas Ridge was 94% occupied at the time of sale.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; 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 an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.
About Virtú Investments: Virtú Investments, LLC was built to create high-yield opportunities in the multifamily investment market. Since 1997, Virtú has acquired more than $1B in real estate and operated over 12,000 apartment units across 95 properties in the Western US. The firm is well positioned to generate strong risk-adjusted investment opportunities during every phase of a real estate cycle. Virtú has refined an integrated and highly responsive operating platform that is unique in the industry. In-house services are composed of acquisitions, due diligence, finance, asset management, property management, efficiency retrofitting, information technology, and accounting/tax preparation. Virtú's offices are in Larkspur, CA, Carlsbad, CA, Seattle, WA and Scottsdale, AZ. www.virtuinvestments.com