Thursday, December 13, 2012

Voit Real Estate Services Directs $10.8 Million Acquisition of 182-Unit Apartment Community in Greater Sacramento, CA


  
Westwood Apartments, Carmichael, CA
 Sacramento, CA (Dec. 13, 2012) – Voit Real Estate Services’ Sacramento  office has successfully completed the $10.825 million acquisition of Westwood Apartments, a 182-unit multifamily apartment community located in Carmichael, Calif. on behalf of the buyer.

The community, which is comprised of 29 buildings situated on 6.69 acres, consists of apartments ranging from studios to three-bedroom units, according to Rod Ballinger of the Gallelli Investment Team, an Assistant Vice President in Voit’s Sacramento office.

Garry Gallelli
Ballinger worked with Gary Gallelli, an Executive Vice President in Voit’s Sacramento office, to represent the buyer, Hill Westwood Holdings, LLC in the transaction. 

“Sacramento’s multifamily market has been increasingly active over the past 12 months, especially among investors,” explains Ballinger. “With cap rates low and demand for product increasing, now is the time for buyers to make deals in the market.”

Rodney Ballinger
According to Ballinger, Voit’s client was seeking a well-located property with an abundance of on-site amenities.

“We know that Carmichael is a sought-after submarket in the Sacramento region, and we were successful in recognizing the value in this property and communicating that to our client,” he says.  “Westwood Apartments is known for its resort-like quality, presenting an ideal investment opportunity for Hill Westwood Holdings.”

The apartment community features an array of amenities, including a fitness center and pool, as well as balconies and in-unit fireplaces.

  Contact:

Jenn Quader/ Judith Brower
Brower, Miller & Cole
(949) 955-7940

No comments: