Marcus & Millichap Sells 223-Unit Apartment Community in Roseville, CA

ROSEVILLE, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Venu at Galleria, (top right photo) a 223-unit multi-family community in Roseville.

The asset sold at a low 5 percent cap rate.
Kenneth Blomsterberg, a vice president investments in the Sacramento office of Marcus & Millichap, and Jesse Nickerman, an investment specialist in the firm’s Sacramento office, represented the seller and the buyer in the transaction.

“Venu at Galleria was an excellent opportunity for the buyer to acquire a recently constructed multi-family community in a highly desirable rental market,” says Blomsterberg.

“The Roseville area has enjoyed tremendous population and job growth in recent years, Venu at Galleria offered the buyer a superior location with solid demographics and the ability to add value,” added Nickerman.

Located at 301 Gibson Drive, the apartment community consists of 26 two- and three-story buildings situated on approximately 12 acres within walking distance of the Galleria Mall.

The property is near the intersection of Highway 65 and Interstate 80 and directly across from the site of a planned Placer County Convention Center and Embassy Suites Hotel.

Built in 2003, Venu at Galleria features a strong mix of studios, one-, two- and three-bedroom units with 15 distinct floor plans.

Unit amenities include nine-foot ceilings, decorative ceiling fans, designer, color-coded interiors, custom wood cabinets, large pantries, Roman soaking tubs and spacious patios/balconies.

Gas burning fireplaces and attached garages are available in select floor plans. Community amenities include a resort-style swimming pool and spa, fitness center, lounge, business center, interactive game room/movie theater, personal concierge services and in-house spa.

Press Contact: Stacey Cors, o Communications Department, (925) 953-1716