Newmark Knight Frank has brokered the $36.3 million sale of The Luxe, a 220-unit community located in Sacramento, Calif. ColRich purchased the asset from Latitude Real Estate Investors. The previous owner acquired the property in 2016 for $25.1 million, according to Yardi Matrix data.
NKF Managing Director Zachary LeBeouf and Senior Managing Director Anthony Pappageorge represented ColRich in the off-market transaction, which included two loan assumptions and was a 1031 exchange for the buyer. Earlier this year, another NKF team facilitated the $116 million sale of a Bay Area workforce housing portfolio.
Located at 2501 Hurley Way, The Luxe is 7 miles east of downtown Sacramento. The community is close to shopping and dining venues and is within 3 miles of California State University, Sacramento. The property encompasses roughly 164,840 square feet of rentable space. The one-, two- and three-bedroom units range from 644 to 844 square feet. Amenities include washer/dryers in all units, two swimming pools, a fitness facility, a business center, a clubhouse and a spa.
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