JCM Partners has sold River Blu, a 417-unit Class C community in Sacramento, Calif., to 29th Street Capital (29SC) for $61 million, according to Yardi Matrix. The buyer financed the purchase with a five-year, $46.8 million Freddie Mac loan originated by Walker & Dunlop.
The new owner plans to invest $4.3 million into renovating units, upgrading amenities and updating the clubhouse. RW Zukin Real Estate Services has taken over management operations.
Located at 8795 La Riviera Drive in the city’s La Riviera submarket, the garden-style community’s 41 buildings are positioned off the south bank of the American River. The property is linked to downtown Sacramento—roughly 8 miles away—via nearby bus stops and the Lincoln Highway.
River Blu, constructed between 1972 and 1973, contains a mix of one- and two-bedroom units, with floor plans ranging between 638 and 840 square feet. Community amenities include two swimming pools, laundry facilities, a clubhouse and a fitness center. The asset was 97.8 percent occupied in September, per Yardi Matrix data.
In July, 29SC bought a 43-unit community near Salt Lake City from Standard Life and Casualty Insurance Co., its first acquisition in the area.
Image courtesy of Yardi Matrix