ROCKLIN, CA –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Meridian at Stanford Ranch (top left photo), a 452-unit multifamily community located within Stanford Ranch, a 3,500-acre master-planned community in Rocklin.
The sales price of $48,350,000 equates to $106,969 per unit and $120 per square foot.
Stan Jones (lower right photo), executive vice president investments, Phil Saglimbeni (middle right photo), vice president investments and Sal Saglimbeni (middle left photo), vice president investments, represented the seller, Demmon Partners. Jones,
Phil Saglimbeni and Sal Saglimbeni also represented the buyer, FPA Multifamily LLC. FPA acquired the property on behalf of its fully discretionary Apartment Opportunity Fund III, which is targeted on purchasing $900 million of multifamily properties in the western United States.
“Sophisticated private buyers and select institutions are actively seeking opportunities in the Sacramento MSA where investment yields are more favorable than the core markets of the San Francisco Bay Area and Southern California.” says Jones. “Meridian at Stanford Ranch’s investment appeal is driven by an exceptional Rocklin location and add-value opportunity through various capital improvement projects.”
“The property’s micro-location affords easy access to the area’s major employers, retail centers and a plethora of recreational options,” adds Phil Saglimbeni. “The Rocklin-Roseville submarket is considered to be among the best areas in the Sacramento MSA. The property was acquired subject to the assumption of an existing life insurance company loan,” Saglimbeni concludes.
The a 403,311-square foot community is located at 2121 Sunset Blvd., 100 miles north of San Francisco and approximately 90 miles south of the Lake Tahoe area. Downtown Sacramento is a 20-minute drive away.
Meridian at Stanford Ranch was constructed in 2000 on 28 acres. The low density, 16.14-units per acre site features dramatic elevations, wetlands and large areas of manicured open space. The complex is made up of 26 two-to-three- story wood-frame buildings with stucco exteriors. Community amenities include a resort-style pool and spa, expansive community room, fitness center and business center.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
No comments:
Post a Comment