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| 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.
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| 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.”
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| 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
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