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| Iron Point at Prairie Oaks Apartments, 1550 Iron Point Road, Folsom, CA |
FOLSOM, CA – Institutional Property Advisors (IPA), a
division of Marcus & Millichap Inc. specializing in serving institutional
and major private real estate investors, is pleased to announce the sale of Iron
Point at Prairie Oaks, a 280-unit garden-style rental community located in
the Sacramento Valley, 20 miles east of Sacramento in Folsom, Calif.
The $58,200,000 sales price equates to approximately
$208,000 per unit.
IPA
executive director Stanford Jones and senior directors Philip
Saglimbeni and Salvatore Saglimbeni represented the seller,
Interland LLC. The buyer is Sequoia Equities. Kenneth Blomsterberg,
Marcus & Millichap first vice president investments, was also part of the
brokerage team.
“Folsom
is among the most highly sought after investment markets in the Sacramento MSA,
evidenced by the highest average apartment rents in the county,” says
Jones. “New ownership will be able to
leverage these strong fundamentals to enhance investment returns.”
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| Philip Saglimbeni |
“The combination of its low density, quality construction
and exceptional micro-location distinguish the property as one of the premier
rental communities in the area,” adds Philip Saglimbeni.
“One of the most
notable location attributes is the fact that the property is situated across
the street from Intel, the largest private sector employer in Folsom and one of
the largest private employers in Sacramento County.”
Built in
2000, Iron Point at Prairie Oaks’ 33 two-story buildings and one-story leasing
office are situated on 13.3 acres of open greenbelts and walkways.
The buildings are wood-framed with stucco finishes and
concrete slab foundation systems. The community offers a mix of well-designed
and amenitized one-, two- and three-bedroom floor plans that average
approximately 944 square feet.
The asset is located at 1550 Iron Point Road in Folsom in
the heart of the Sacramento MSA’s premier school district and within walking
distance of major regional centers, notable employers, and numerous recreation
options.
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| Salvatore Saglimbeni |
Nearby retail includes the grocery-anchored Prairie City
Crossing neighborhood shopping center, the Palladio at Broadstone lifestyle
center, Folsom Premium Outlets, Broadstone Marketplace and Plaza, the Folsom
Historic District and the central Folsom shopping district.
Apartment
interiors at Iron Point at Prairie Oaks feature in-unit laundry, individual
heating and central air conditioning, fully equipped kitchens, above standard
ceiling height, real-wood paneled cabinetry and walk-in closets.
Select homes
have direct-access garage parking, vaulted ceilings and fireplaces.
This gated, controlled-access community provides residents
with a state-of-the-art fitness center, a resort-style swimming pool and
hydrotherapy spa, fully appointed business center and clubhouse, additional
carport parking and professionally manicured grounds.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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