OpenPath Investments Grows Sacramento Portfolio
The company financed the acquisition of the 104-unit Sierra Park Townhomes through a $15.5 million, 10-year Freddie Mac loan.
Sierra Park Townhomes
OpenPath Investments has bought the 104-unit Sierra Park Townhomes in North Highlands, Calif., for $19.7 million, Sacramento County public records show. Walker & Dunlop originated a $15.5 million, 10-year Freddie Mac acquisition loan for the new owner. Last summer, OpenPath expanded its Texas presence with the purchase of Greens of Hickory Trail, a 250-unit community in Dallas.
Yardi Matrix data shows the seller was DWO Enterprises. The company acquired the asset for $11.2 million from Sutter Capital Group.
Located at 4930 Polk St., the Sierra Park Townhomes is within walking distance of plenty of retail and dining options, less than 1 mile from Interstate 80 and roughly 13 miles from downtown Sacramento. The property was completed in 1970 on a 5.9-acre site and comprises two-, three- and four-bedroom apartments with floorplans ranging from 770 to 1,440 square feet. Common-area amenities at the gated community include clubhouse, playground and pool. As of October, the asset was 93.9 percent occupied, according to Yardi Matrix information.
