ROCKLIN, CA — An investment fund targeting multifamily properties has purchased a 452-unit apartment community in Rocklin for $48.3 million, according to a recently formed brokerage division of Marcus & Millichap Marcus & Millichap Latest from The Business Journals Memphis rental vacancies continue downward trend, Census data shows Houston job growth to spur commercial real estate development, report says. Retail industry regains momentum in 2012 Follow this company , which represented the buyer and seller in the deal.
The sale of Meridian at Stanford Ranch is the second-largest multifamily deal in the Sacramento region in the past year.
Institutional Property Advisors Institutional Property Advisors Latest from The Business Journals Done Deals: The Pointe sold for nearly MNew buyer sought for 360 ResidencesNew buyer sought for San Jose’s 360 Residences Follow this company , newly formed by Marcus & Millichap formed to serve institutional and major private investors, arranged the sale of the property. It is in the 3,500-acre master-planned community in Rocklin known as Stanford Ranch. The sales price amounts to $107,000 per unit or $120 per square foot.
The seller was Demmon Partners and the buyer was FPA Multifamily LLC, which is acquiring property in the western U.S. as part of its $900-million Apartment Opportunity Fund III.
Stan Jones, executive vice president investments, Phil Saglimbeni, vice president investments and Sal Saglimbeni, vice president investments, represented both parties.
Jones said in a prepared statement that private buyers and institutions are actively seeking opportunities in Sacramento where investment yields are better than the San Francisco Bay Area and Southern California.
Meridian at Stanford Ranch was built in 2000 on 28 acres. The complex is made up of 26 two-to-three-story wood-frame buildings with stucco exteriors.