Graceada Partners Pays $24M for Sacramento Community
The new owner plans to renovate and modernize the property, investing $12,000 per unit.
Graceada Partners has purchased Westlake Apartments, a 148-unit apartment community in the Pocket neighborhood of Sacramento, Calif. According to Yardi Matrix, The Lily Co. sold the property for $23.5 million. The acquisition was financed with a $17.5 million loan from California Bank of Commerce.
Built in 1972, the Class B property comprises one- and two-bedroom units. Common-area amenities include a clubhouse, swimming pool, spa and three laundry facilities. The community also has 148 parking spaces. Graceada plans to renovate and modernize the property, investing $12,000 per unit.
Located at 1 Shoal Court, on approximately 6 acres, the 13-building property is within 2 miles of Interstate 5 and 6 miles of the city’s downtown. The community is also 21 miles from a 3,300-bed student housing development at the University of California, Davis. The completed first phase includes a utility building, outdoor courtyards and three 4-story residential buildings.