ROCKLIN, CA — In an institutional-quality NoCal multifamily buy, investors paid $48.35 mil for Meridian at Stanford Ranch, a 452-unit ($107k/unit) community located within Stanford Ranch, a 3,500-acre master-planned community in Rocklin, about 25 miles northeast of Sacramento. The property was acquired by FPA Multifamily LLC on behalf of its fully discretionary Apartment Opportunity Fund III, which is targeted on purchasing $900 mil of multifamily properties in the western United States.
The 403.3k sf community was constructed in 2000 on 28 acres 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. 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.
Stan Jones, executive vice president investments, Phil Saglimbeni, vice president investments and Sal Saglimbeni, vice president investments, represented the buyer and the seller, Demmon Partners.
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.